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2018 (8) TMI 1846 - DELHI HIGH COURTDisallowance u/s 80-IA - entitlement to set off interest paid on borrowed funds from interest income earned held to be taxable under the head ‘income from other sources’ under Section 57(iii) - HELD THAT:- Appeal admitted on question 1 and 2 Method of accounting adopted by the assessee with regard to the goods which were lying at the port which had not been exported - HELD THAT:- Tribunal title in the goods ready for shipment had not transferred to the foreign buyers. Accordingly, the goods lying at the port ready for shipment was stock in hand that could be valued at cost or market price, at the option and as per regular practice of the assessee. Mere fact that for sales tax purposes the value of the goods lying at the port was taken at the invoice value would not make any difference. Sales tax computation and declaration would be made in accordance of the provision of the Sales Tax Act. Parties are given liberty to file papers/documents which were filed before the Assessing Officer and in the appellate proceedings within a period of six months.
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