https://www.taxtmi.com/caselaws?id=220076 The Tribunal ruled in favor of the assessee on various issues, overturning disallowances and directing reassessment by the Assessing Officer in line with legal principles. The Revenue's appeal was rejected, affirming decisions in favor of the assessee. Key outcomes included allowing club expenses disallowance challenge, revaluation of closing stock with unutilized MODVAT credit, reconsideration of interest and expenses disallowance under section 14A, upholding disallowance of prior period expenses, permitting interest receivable written-off, and allowing Inter Corporate Deposit write-off. The Tribunal also upheld the alteration of opening stock by considering unutilized MODVAT credit. en-us Wed, 31 Oct 2012 00:00:00 +0530 Wed, 30 Oct 2013 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220076 The Tribunal ruled in favor of the assessee on various issues, overturning disallowances and directing reassessment by the Assessing Officer in line with legal principles. The Revenue's appeal was rejected, affirming decisions in favor of the assessee. Key outcomes included allowing club expenses disallowance challenge, revaluation of closing stock with unutilized MODVAT credit, reconsideration of interest and expenses disallowance under section 14A, upholding disallowance of prior period expenses, permitting interest receivable written-off, and allowing Inter Corporate Deposit write-off. The Tribunal also upheld the alteration of opening stock by considering unutilized MODVAT credit. Case-Laws Income Tax Wed, 31 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220076