https://www.taxtmi.com/caselaws?id=278495 Where sufficient interest-free own funds are available, interest disallowance on capital work-in-progress under section 36(1)(iii) is not sustainable because investment may be presumed to come from non-interest-bearing funds. The treatment of unutilized MODVAT/CENVAT balances in closing stock under section 145A depends on the accounting method actually followed and its effect in the profit and loss account, so the issue requires factual verification. Higher depreciation is available on a vehicle covered by the statutory light motor vehicle/commercial vehicle classification, and the express depreciation schedule prevails over common parlance. The same approach applies to computer software, for which the schedule allows higher depreciation without distinguishing between software types. en-us Fri, 22 Mar 2013 00:00:00 +0530 Fri, 10 Mar 2023 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278495 Where sufficient interest-free own funds are available, interest disallowance on capital work-in-progress under section 36(1)(iii) is not sustainable because investment may be presumed to come from non-interest-bearing funds. The treatment of unutilized MODVAT/CENVAT balances in closing stock under section 145A depends on the accounting method actually followed and its effect in the profit and loss account, so the issue requires factual verification. Higher depreciation is available on a vehicle covered by the statutory light motor vehicle/commercial vehicle classification, and the express depreciation schedule prevails over common parlance. The same approach applies to computer software, for which the schedule allows higher depreciation without distinguishing between software types. Case-Laws Income Tax Fri, 22 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278495