interest on borrowing could not be included in cost of inventory itat

interest on borrowing could not be included in cost of inventory itat




INCOME TAX : Valuation of inventory should be in accordance with method of accounting regularly employed by assessee and is to be further adjusted to include amount of any tax, duty, cess or fee actually paid or incurred by assessee to bring goods to place of its location and hence, there is no such provision in this section to include interest cost in value of inventory

INCOME TAX : Where required details and documents regarding receipt of services from agents by assessee were not furnished, disallowance of commission payment was rightly made by Assessing Officer

INCOME TAX: Where assessee had brought on record all necessary evidences to effect that all payments made by assessee-company to suppliers were by way of cheques, payments were not hit by section 40A(3)







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