https://www.taxtmi.com/caselaws?id=191284 The ITAT Hyderabad upheld the CIT(A)'s decisions in favor of the assessee, dismissing the Department's appeal. The first issue involved the deletion of an addition of Rs. 1,12,35,202 made by the AO for incorrect accounting of stock, which was deemed unjustified as the stock did not belong to the assessee. The second issue concerned the deletion of an addition of Rs. 4,92,319 under section 14A of the Act, with the ITAT ruling that no disallowance should apply in the absence of exempt income. The judgments emphasized the importance of ownership and actual earnings of exempt income in determining additions and disallowances under the Income Tax Act. en-us Wed, 15 Jul 2015 00:00:00 +0530 Wed, 29 Mar 2017 06:27:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191284 The ITAT Hyderabad upheld the CIT(A)'s decisions in favor of the assessee, dismissing the Department's appeal. The first issue involved the deletion of an addition of Rs. 1,12,35,202 made by the AO for incorrect accounting of stock, which was deemed unjustified as the stock did not belong to the assessee. The second issue concerned the deletion of an addition of Rs. 4,92,319 under section 14A of the Act, with the ITAT ruling that no disallowance should apply in the absence of exempt income. The judgments emphasized the importance of ownership and actual earnings of exempt income in determining additions and disallowances under the Income Tax Act. Case-Laws Income Tax Wed, 15 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191284