https://www.taxtmi.com/caselaws?id=408339 The Tribunal allowed the appeal regarding the disallowance of prior period interest expenses for the assessment year 2013-14. The Tribunal accepted the assessee's argument that the interest expenses were correctly included in the closing work-in-progress and that no deduction was claimed for these expenses, thereby justifying their treatment as a prior period adjustment rather than as a current expenditure. The Tribunal found in favor of the assessee, emphasizing that the overall loss for the year remained the same regardless of the treatment of the interest expenses. en-us Fri, 16 Apr 2021 00:00:00 +0530 Tue, 08 Jun 2021 09:09:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408339 The Tribunal allowed the appeal regarding the disallowance of prior period interest expenses for the assessment year 2013-14. The Tribunal accepted the assessee's argument that the interest expenses were correctly included in the closing work-in-progress and that no deduction was claimed for these expenses, thereby justifying their treatment as a prior period adjustment rather than as a current expenditure. The Tribunal found in favor of the assessee, emphasizing that the overall loss for the year remained the same regardless of the treatment of the interest expenses. Case-Laws Income Tax Fri, 16 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408339