https://www.taxtmi.com/caselaws?id=398118 The Tribunal upheld the decision of the Ld. CIT(A), ruling that interest expenditure should not be capitalized into inventory costs. It was emphasized that the inventories held were current assets, not capital assets, thus not subject to capitalization under Section 36(1)(iii). The Tribunal found the appellant's inventory valuation method compliant with AS 2 and ICDS, supported by the relevant judicial precedent. As a result, the revenue's appeal was dismissed. en-us Fri, 04 Sep 2020 00:00:00 +0530 Sat, 05 Sep 2020 13:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398118 The Tribunal upheld the decision of the Ld. CIT(A), ruling that interest expenditure should not be capitalized into inventory costs. It was emphasized that the inventories held were current assets, not capital assets, thus not subject to capitalization under Section 36(1)(iii). The Tribunal found the appellant's inventory valuation method compliant with AS 2 and ICDS, supported by the relevant judicial precedent. As a result, the revenue's appeal was dismissed. Case-Laws Income Tax Fri, 04 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398118