https://www.taxtmi.com/caselaws?id=181179 The appeal by the Revenue challenging the deletion of addition in closing stock u/s 145A was dismissed. The CIT(A) relied on audited statements showing no impact on profitability due to MODVAT and directed the AO to delete the addition, which was upheld by the ITAT. The CIT(A) also deleted additions u/s 145A and u/s 14A, restricting the disallowance u/s 14A to a lower amount. The ITAT upheld CIT(A)'s decisions on all issues. The appeal of the Revenue was dismissed, and the order was pronounced on 25th February, 2011. en-us Fri, 25 Feb 2011 00:00:00 +0530 Fri, 08 Apr 2016 18:19:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181179 The appeal by the Revenue challenging the deletion of addition in closing stock u/s 145A was dismissed. The CIT(A) relied on audited statements showing no impact on profitability due to MODVAT and directed the AO to delete the addition, which was upheld by the ITAT. The CIT(A) also deleted additions u/s 145A and u/s 14A, restricting the disallowance u/s 14A to a lower amount. The ITAT upheld CIT(A)'s decisions on all issues. The appeal of the Revenue was dismissed, and the order was pronounced on 25th February, 2011. Case-Laws Income Tax Fri, 25 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181179