https://www.taxtmi.com/caselaws?id=276000 The appeal was partly allowed, with several issues remanded back to the Assessing Officer (AO) for fresh adjudication. The Tribunal decided in favor of the assessee on the valuation of closing stock and the exclusion of import duty benefit from income. Issues regarding pooja expenses and payment to relatives of deceased employees were also allowed. The taxation of interest on Government Securities and expenses relatable to exempt income were dismissed. The CFC grant was deemed a capital receipt and not taxable. The issue of quantification and carry forward of unabsorbed business losses and depreciation was dismissed as not pressed. en-us Fri, 29 Jun 2018 00:00:00 +0530 Thu, 25 Oct 2018 08:09:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276000 The appeal was partly allowed, with several issues remanded back to the Assessing Officer (AO) for fresh adjudication. The Tribunal decided in favor of the assessee on the valuation of closing stock and the exclusion of import duty benefit from income. Issues regarding pooja expenses and payment to relatives of deceased employees were also allowed. The taxation of interest on Government Securities and expenses relatable to exempt income were dismissed. The CFC grant was deemed a capital receipt and not taxable. The issue of quantification and carry forward of unabsorbed business losses and depreciation was dismissed as not pressed. Case-Laws Income Tax Fri, 29 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276000