https://www.taxtmi.com/caselaws?id=301555 The tribunal upheld the CIT(A)'s decision, ruling that interest expenses should not be included in the closing work in progress (WIP) and that the disallowance of the differential interest was unjustified. The tribunal emphasized that the interest costs were not directly attributable to the WIP and noted the positive net interest income of the assessee. The Revenue's appeal was dismissed, and the CIT(A)'s decision was confirmed, with the cross-objection of the assessee being dismissed as withdrawn. en-us Tue, 22 Nov 2016 00:00:00 +0530 Fri, 08 Apr 2022 21:01:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301555 The tribunal upheld the CIT(A)'s decision, ruling that interest expenses should not be included in the closing work in progress (WIP) and that the disallowance of the differential interest was unjustified. The tribunal emphasized that the interest costs were not directly attributable to the WIP and noted the positive net interest income of the assessee. The Revenue's appeal was dismissed, and the CIT(A)'s decision was confirmed, with the cross-objection of the assessee being dismissed as withdrawn. Case-Laws Income Tax Tue, 22 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301555