https://www.taxtmi.com/caselaws?id=22022 The High Court upheld the Income-tax Officer's additions for deliberate inflation of cotton purchase prices, disallowed interest on borrowings diverted for non-business purposes, added to total income for alleged excess cotton consumption due to fraudulent activities, and allowed deduction of compensation payments as non-speculative transactions. The Court ruled in favor of the Department on all issues except one, directing parties to bear their own costs. en-us Wed, 24 Apr 1991 00:00:00 +0530 Sat, 05 Dec 2009 15:42:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22022 The High Court upheld the Income-tax Officer's additions for deliberate inflation of cotton purchase prices, disallowed interest on borrowings diverted for non-business purposes, added to total income for alleged excess cotton consumption due to fraudulent activities, and allowed deduction of compensation payments as non-speculative transactions. The Court ruled in favor of the Department on all issues except one, directing parties to bear their own costs. Case-Laws Income Tax Wed, 24 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22022