https://www.taxtmi.com/caselaws?id=34256 The Court dismissed the appeals filed by the assessee, upholding the Tribunal's decisions on various issues. The disallowance of expense claims for salaries, staff, and depreciation was affirmed due to the assessee's failure to provide necessary facts. The classification of Indira Vikas Patras (IVPs) as capital assets was rejected, with the Court agreeing that IVPs are deposits and not capital assets. The assessment of interest on IVPs on an accrual basis was upheld, as per Rule 8(3) of the IVP Rules, 1986. The levy of interest under Section 234B for non-payment of advance tax was also upheld, with the matter remanded for recomputation. en-us Fri, 03 Apr 2009 00:00:00 +0530 Sat, 01 Aug 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34256 The Court dismissed the appeals filed by the assessee, upholding the Tribunal's decisions on various issues. The disallowance of expense claims for salaries, staff, and depreciation was affirmed due to the assessee's failure to provide necessary facts. The classification of Indira Vikas Patras (IVPs) as capital assets was rejected, with the Court agreeing that IVPs are deposits and not capital assets. The assessment of interest on IVPs on an accrual basis was upheld, as per Rule 8(3) of the IVP Rules, 1986. The levy of interest under Section 234B for non-payment of advance tax was also upheld, with the matter remanded for recomputation. Case-Laws Income Tax Fri, 03 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34256