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Issues involved: Valuation of closing stock, disallowance of interest, depreciation on plant, taxability of gain on cancellation of contracts, deduction for donation.
In the judgment, the High Court of Gujarat admitted the appeal based on several substantial questions of law. Firstly, the court considered whether the Tribunal was correct in excluding excise duty when valuing the closing stock at the end of the accounting period. Secondly, it examined the deletion of disallowance under section 36(1)(iii) of the Act related to interest on funds. Thirdly, the court assessed the Tribunal's decision to allow depreciation on a plant that was ready but not used by the assessee. Fourthly, it analyzed the taxability of gain from the cancellation of foreign exchange contracts as a capital receipt. Lastly, the court reviewed the allowance of deduction under section 37(1) for a donation made to a voluntary organization without business connection. The court issued notice to the other party and directed the filing of the Paper Book within three months for a final hearing after the same period.
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