https://www.taxtmi.com/caselaws?id=34614 The High Court dismissed the appeal, upholding decisions of lower authorities on valuation of closing stock method change, disallowance of interest deduction, and liability to pay interest on excess realization for levy sugar. The court found the change in valuation method not bona fide, disallowed interest deduction for unpaid amounts, and deemed the liability contingent due to pending legal proceedings. The judgment stressed the need for genuine actions, actual payment for deductions, and recognition of contingent liabilities. en-us Fri, 11 Sep 2009 00:00:00 +0530 Wed, 01 Sep 2010 15:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34614 The High Court dismissed the appeal, upholding decisions of lower authorities on valuation of closing stock method change, disallowance of interest deduction, and liability to pay interest on excess realization for levy sugar. The court found the change in valuation method not bona fide, disallowed interest deduction for unpaid amounts, and deemed the liability contingent due to pending legal proceedings. The judgment stressed the need for genuine actions, actual payment for deductions, and recognition of contingent liabilities. Case-Laws Income Tax Fri, 11 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34614