https://www.taxtmi.com/caselaws?id=188357 The case involved disputes regarding additions on account of notional interest, non-inclusion of damaged stock in the valuation of closing stock, presentation of gift articles, and prior period adjustments. The ITAT remitted the notional interest issue back to the CIT(A) with specific directions. The ITAT upheld the ad hoc addition for damaged stock and reduced the disallowance for gift articles. Regarding prior period adjustments, the ITAT directed the CIT(A) to decide the issue on merit. The appeal of the assessee was partly allowed for statistical purposes, while the appeal of the revenue was allowed for statistical purposes. en-us Mon, 23 Mar 2009 00:00:00 +0530 Mon, 28 Nov 2016 11:14:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188357 The case involved disputes regarding additions on account of notional interest, non-inclusion of damaged stock in the valuation of closing stock, presentation of gift articles, and prior period adjustments. The ITAT remitted the notional interest issue back to the CIT(A) with specific directions. The ITAT upheld the ad hoc addition for damaged stock and reduced the disallowance for gift articles. Regarding prior period adjustments, the ITAT directed the CIT(A) to decide the issue on merit. The appeal of the assessee was partly allowed for statistical purposes, while the appeal of the revenue was allowed for statistical purposes. Case-Laws Income Tax Mon, 23 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188357