https://www.taxtmi.com/caselaws?id=465231 Closing stock valuation was upheld where scrap sale, fixed deposit interest, dividend and similar receipts were treated as income from other sources and not as part of business cost of production. The Tribunal also considered section 80P(2)(d) and held that a co-operative society remained entitled to deduction on interest earned from deposits with a co-operative bank, since the bank was treated as a co-operative society for this purpose and section 80P(4) was confined to the bank's own claim. The result was partial relief: the stock understatement addition was sustained, while the disallowance of the section 80P(2)(d) deduction was deleted. en-us Mon, 25 Apr 2022 00:00:00 +0530 Thu, 11 Dec 2025 20:42:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465231 Closing stock valuation was upheld where scrap sale, fixed deposit interest, dividend and similar receipts were treated as income from other sources and not as part of business cost of production. The Tribunal also considered section 80P(2)(d) and held that a co-operative society remained entitled to deduction on interest earned from deposits with a co-operative bank, since the bank was treated as a co-operative society for this purpose and section 80P(4) was confined to the bank's own claim. The result was partial relief: the stock understatement addition was sustained, while the disallowance of the section 80P(2)(d) deduction was deleted. Case-Laws Income Tax Mon, 25 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465231