https://www.taxtmi.com/caselaws?id=334270 The appeals were filed by the assessee against the orders of the CIT(A) for the assessment years 2003-04, 2004-05, and 2005-06. The first issue was regarding the valuation of closing stock and the treatment of interest paid on loans. The tribunal directed the AO to exclude the interest incurred on loans from the valuation of closing stock and allow it as a deduction under section 36(1)(iii) of the Act. The second issue was about the treatment of grants received from the Government of Uttar Pradesh as revenue. The tribunal held that the grants could not be taxed as income of the assessee and directed the AO to exclude them from taxable income. Additionally, an ad hoc disallowance of development expenses for the assessment year 2004-05 was deleted by the tribunal. As a result, the appeals of the assessee for all three years were allowed. en-us Thu, 29 Sep 2016 00:00:00 +0530 Tue, 08 Nov 2016 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334270 The appeals were filed by the assessee against the orders of the CIT(A) for the assessment years 2003-04, 2004-05, and 2005-06. The first issue was regarding the valuation of closing stock and the treatment of interest paid on loans. The tribunal directed the AO to exclude the interest incurred on loans from the valuation of closing stock and allow it as a deduction under section 36(1)(iii) of the Act. The second issue was about the treatment of grants received from the Government of Uttar Pradesh as revenue. The tribunal held that the grants could not be taxed as income of the assessee and directed the AO to exclude them from taxable income. Additionally, an ad hoc disallowance of development expenses for the assessment year 2004-05 was deleted by the tribunal. As a result, the appeals of the assessee for all three years were allowed. Case-Laws Income Tax Thu, 29 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334270