https://www.taxtmi.com/caselaws?id=28074 The High Court of Madras upheld the Tribunal's decisions in favor of the assessee regarding the deduction of interest payment and entitlement to claim a development rebate for machinery used in manufacturing cotton yarn. The court found the assessee's accounting method acceptable and allowed the interest deduction. It also agreed with the Tribunal's interpretation that cotton yarn falls under textiles for the rebate claim. The court ruled against the Revenue, awarding costs to the assessee. en-us Tue, 15 Jun 1982 00:00:00 +0530 Wed, 17 Feb 2010 18:11:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28074 The High Court of Madras upheld the Tribunal's decisions in favor of the assessee regarding the deduction of interest payment and entitlement to claim a development rebate for machinery used in manufacturing cotton yarn. The court found the assessee's accounting method acceptable and allowed the interest deduction. It also agreed with the Tribunal's interpretation that cotton yarn falls under textiles for the rebate claim. The court ruled against the Revenue, awarding costs to the assessee. Case-Laws Income Tax Tue, 15 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28074