https://www.taxtmi.com/caselaws?id=220857 The ITAT partially allowed the appeal, directing the Assessing Officer to recompute the value of closing stock considering relevant legal provisions. The tribunal upheld the addition of short term capital gains for a flat sold based on the Stamp Valuation Authority's value, rejecting the depreciation argument. The disallowance under section 14A read with Rule 8D was rejected as the assessee did not pursue the issue. The ITAT emphasized revaluation methods for Modvat credit in closing stock under section 145A. en-us Fri, 14 Sep 2012 00:00:00 +0530 Sat, 05 Jan 2013 18:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220857 The ITAT partially allowed the appeal, directing the Assessing Officer to recompute the value of closing stock considering relevant legal provisions. The tribunal upheld the addition of short term capital gains for a flat sold based on the Stamp Valuation Authority's value, rejecting the depreciation argument. The disallowance under section 14A read with Rule 8D was rejected as the assessee did not pursue the issue. The ITAT emphasized revaluation methods for Modvat credit in closing stock under section 145A. Case-Laws Income Tax Fri, 14 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220857