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 inventoryINCOME 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 inventorywww.taxmann.com Latest Case LawsRead More

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