https://www.taxtmi.com/caselaws?id=214742 The ITAT dismissed the revenue appeal concerning the disallowance of purchases of Insulated Kraft Paper amounting to Rs. 35,36,234. The tribunal upheld the CIT (A)'s decision to delete the disallowance, emphasizing that once the purchases were charged to the Profit and Loss Account and included in the closing stock, they should have been either shown as sold or in stock. The ITAT criticized the Assessing Officer for not understanding the details of the purchases and their presence in the closing stock, concluding that the appeal was unnecessary and factual in nature. en-us Wed, 11 Jul 2012 00:00:00 +0530 Thu, 12 Jul 2012 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214742 The ITAT dismissed the revenue appeal concerning the disallowance of purchases of Insulated Kraft Paper amounting to Rs. 35,36,234. The tribunal upheld the CIT (A)'s decision to delete the disallowance, emphasizing that once the purchases were charged to the Profit and Loss Account and included in the closing stock, they should have been either shown as sold or in stock. The ITAT criticized the Assessing Officer for not understanding the details of the purchases and their presence in the closing stock, concluding that the appeal was unnecessary and factual in nature. Case-Laws Income Tax Wed, 11 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214742