https://www.taxtmi.com/caselaws?id=249173 The ITAT Mumbai allowed the cross-appeals filed by the assessee and Revenue, modifying the CIT(A) order for the assessment year 2007-08. The ITAT emphasized the necessity of adjusting both opening and closing stock values by the amount of CENVAT credit available to accurately compute profits as per Section 145A of the Income Tax Act. By following precedents and legal interpretations, the ITAT directed the inclusion of such adjustments, highlighting the importance of adhering to statutory provisions to prevent any potential double benefits to the assessee. en-us Fri, 13 Jun 2014 00:00:00 +0530 Mon, 07 Jul 2014 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249173 The ITAT Mumbai allowed the cross-appeals filed by the assessee and Revenue, modifying the CIT(A) order for the assessment year 2007-08. The ITAT emphasized the necessity of adjusting both opening and closing stock values by the amount of CENVAT credit available to accurately compute profits as per Section 145A of the Income Tax Act. By following precedents and legal interpretations, the ITAT directed the inclusion of such adjustments, highlighting the importance of adhering to statutory provisions to prevent any potential double benefits to the assessee. Case-Laws Income Tax Fri, 13 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249173