https://www.taxtmi.com/caselaws?id=34978 HC upheld the findings of the tax authorities that the assessee had grossly inflated expenditure on purchase of old bottles and failed to substantiate any genuine process loss. Transactions relating to machinery acquisition were held to be bogus, warranting disallowance of interest claimed on such fictitious arrangements. The assessee's own admission of inflated purchases without supporting documentation undermined its case. While the issue of non-compete fees paid to the managing director was remitted to the authorities for reconsideration, the HC dismissed the assessee's tax appeals, finding no substantial question of law. en-us Mon, 02 Nov 2009 00:00:00 +0530 Mon, 08 Dec 2025 17:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34978 HC upheld the findings of the tax authorities that the assessee had grossly inflated expenditure on purchase of old bottles and failed to substantiate any genuine process loss. Transactions relating to machinery acquisition were held to be bogus, warranting disallowance of interest claimed on such fictitious arrangements. The assessee's own admission of inflated purchases without supporting documentation undermined its case. While the issue of non-compete fees paid to the managing director was remitted to the authorities for reconsideration, the HC dismissed the assessee's tax appeals, finding no substantial question of law. Case-Laws Income Tax Mon, 02 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34978