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2010 (2) TMI 44 - HC - Income TaxDeduction u/s 80 IA, Nature of Expenditure incurred – Deduction u/s 43B - interest received on letters of credit and bank guarantee money - the interest earned on deposits, under sales tax rules, in Kisan Vikas Patras, interest received on income-tax refund as also the interest received on inter-corporate deposits – held that - Interest is not eligible for deduction uner section 80 I – decision in the matter of Commissioner of Income-tax v. Sriram Honda Power [2008 -TMI - 2891 - HIGH COURT, DELHI] followed. – the expenditure directly connected with the purchase of the plant and machinery and, therefore, the same was to be treated as capital expenditure – addition of excise duty paid into closing stock – decision of of the Supreme Court in the case of Berger Paints India Ltd v. Commissioner of Income-tax [2008 -TMI - 6139 - SUPREME Court], Calcutta followed – for verification of adjustment of excise duty in the opening stock and closing stock to avoid double taxation, matter remanded to AO
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