Interest Disallowance on Inventory Valuation Overturned; Section 145A(A) Does Not Require Interest Inclusion in Inventory Value.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Disallowance of interest - Valuation of inventory - There is no such provision in section 145A(A) to include interest cost in the value of inventory - Therefor disallowance confirmed by CIT-A assessee should have taken into consideration the interest attributable to bringing the inventory to its present location and condition in accordance with explanation to section 145A(A) is not correct - AT....