https://www.taxtmi.com/caselaws?id=262680 The ITAT Ahmedabad upheld the CIT(A)'s decisions in both issues. The deletion of Rs. 8,00,000 on excise duty on closing stock of finished goods was supported, citing the crystallization of excise duty liability upon goods clearance. The deletion of interest expenses of Rs. 2,33,833 due to diversion of interest-free advances was also upheld, emphasizing the availability of interest-free funds to cover the advances. The Revenue's appeals were dismissed, and the orders in favor of the Assessee were maintained. en-us Fri, 30 Jan 2015 00:00:00 +0530 Tue, 18 Aug 2015 08:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262680 The ITAT Ahmedabad upheld the CIT(A)'s decisions in both issues. The deletion of Rs. 8,00,000 on excise duty on closing stock of finished goods was supported, citing the crystallization of excise duty liability upon goods clearance. The deletion of interest expenses of Rs. 2,33,833 due to diversion of interest-free advances was also upheld, emphasizing the availability of interest-free funds to cover the advances. The Revenue's appeals were dismissed, and the orders in favor of the Assessee were maintained. Case-Laws Income Tax Fri, 30 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262680