#Reliance Industries

The Supreme Court affirmed the Bombay High Court’s order barring oral testimony on internal documents, stressing that earlier exclusions are binding under res judicata and imposing a Rs 10 lakh cost on Reliance. The ruling underscores finality of evidentiary rulings in commercial contract disputes.

Ahmedabad ITAT permits deduction of interest on borrowings acquired via slump sale under Section 36(1)(iii), rejecting Revenue's colourable device and res judicata challenges. Ruling clarifies allowability where assets are put to use, benefiting corporate taxpayers in asset acquisitions.