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1 - 4 of 4 (0.16 seconds)Pr. Commissioner Of Income Tax ... vs M/S Vijay Solvex Limited on 13 August, 2018
4. Before us, the ld AR of the assessee has submitted that the
Assessing Officer as well as the ld. CIT(A) has accepted the fact that the
land in question was shown by the assessee as stock in trade right from
the assessment year 2001-02 onwards and therefore, the interest
expenditure incurred by the assessee for purchase of land is an allowable
deduction which was debited by the assessee in the P&L account under
the head "financial expenses" and claimed as revenue expenses. Hence,
the ld AR has submitted that whatever expenditure incurred in purchase of
stock in trade be allowed as revenue expenditure. The ld AR has relied
upon the decision of the Hon'ble Jurisdictional High Court in the case of
CIT Vs. Vijay Solvex Ltd. 274 CTR 384. He has relied upon the following
decisions:
Sutlej Cotton Mills Ltd vs Commr. Of Income Tax, West Bengal, ... on 27 September, 1978
In
support of this contention, he has relied upon the decision of Hon'ble
Supreme Court in the case of Sutlej Cotton Mills Vs CIT 116 ITR 1 that the
entries made in the books of account is not determinative of the question
whether the assessee has earned any profit or suffered any loss. What is
necessary to be considered is true nature of transaction and whether in
fact it has resulted in profit or loss to the assessee. The ld DR has relied
upon the order of the ld. CIT(A).
Gothamchand Galada And Gyanchand ... vs The Commissioner Of Income-Tax on 9 August, 1960
(i) K. Sampath Kumar Vs CIT 158 ITR 0025 (Mad)
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