MODVAT credit couldn't be added to value of closing stock as it doesn't have impact on profit of assessee

INCOME TAX : Where assessee gave certain amount as advance to its subsidiary company for purchase of development rights of a residential-cum-shopping complex, interest on said advance money formed part of entire debt owned by assessee and, since, assessee had offered said interest income to tax as a part of debt on year-to-year basis, requirement of section 36(2) stood satisfied and, therefore, in case of subsequent failure of subsidiary of assessee to repay advance money in question assessee's

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