https://www.taxtmi.com/caselaws?id=117865 The Tribunal ruled in favor of the assessee on multiple grounds. It allowed the inclusion of Modvat credit in closing stock valuation, referencing the Supreme Court's decision in Indo Nippon Chemicals. The issue of net interest concept under Sec. 80HHC was remanded for reconsideration. The Tribunal dismissed the Revenue's appeal regarding Modvat credit deletion, and it set aside the CIT's order under Sec. 263, acknowledging the bona fide change in accounting policy as consistent and accepted by the Revenue in subsequent years. The Tribunal's decisions resulted in favorable outcomes for the assessee on all contested issues. en-us Wed, 29 Sep 2004 00:00:00 +0530 Wed, 05 Jun 2024 18:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117865 The Tribunal ruled in favor of the assessee on multiple grounds. It allowed the inclusion of Modvat credit in closing stock valuation, referencing the Supreme Court's decision in Indo Nippon Chemicals. The issue of net interest concept under Sec. 80HHC was remanded for reconsideration. The Tribunal dismissed the Revenue's appeal regarding Modvat credit deletion, and it set aside the CIT's order under Sec. 263, acknowledging the bona fide change in accounting policy as consistent and accepted by the Revenue in subsequent years. The Tribunal's decisions resulted in favorable outcomes for the assessee on all contested issues. Case-Laws Income Tax Wed, 29 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117865