9911796707
TMI Blog2018 (11) TMI 1557X X X X Extracts X X X X X X X X Extracts X X X X ..... change during the year, except on two issues one of which is relevant for the consideration in this appeal. The Board had while continuing under the mercantile system, decided to provide no interest accrued on the loan to the Horticorp. Having followed the mercantile system of accounting, a decision of the Board not to show the interest receivable, would not absolve the liability, since under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is not pressed by the assessee, while the matter was argued. The issue is only on the question of receivable interest from Horticorp. 2. The learned Senior Counsel appearing for the assessee would argue that an amount of ₹ 2 crores was given to Horticorp, on instructions from the Government. The assessee herein as also the Horticorp are fully owned Government Companies. The assessee has n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lue as against cost based on FIFO in previous year . ( Difference in change in valuation Rs . 1,24,104 . 40) b . No interest have been provided during the year on the principal loan of Rs . 200 lakhs paid to M/s . Horticorp during the year 1997 as against interest of Rs . 25 lakhs provided in each earlier years . 4. The Board decided no material change during ..... X X X X Extracts X X X X X X X X Extracts X X X X
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