https://www.taxtmi.com/caselaws?id=369322 The ITAT partly allowed the appeal, directing the AO to reconsider various issues in line with precedents from earlier years. Disallowance of interest on advances to companies was set aside for fresh consideration following a Supreme Court judgment. Valuation of closing stock was upheld with a direction to adjust opening stock. Disallowance of pooja expenses and payments to deceased employees' relatives were deleted based on past decisions. Disallowance under section 14A was remanded for accurate expenditure determination. Loss on compensation for enforcement of security was to be re-examined for correct computation. Penalty, fine, interest under section 244A, and undecided grounds were not detailed in the judgment. en-us Wed, 17 Oct 2018 00:00:00 +0530 Thu, 25 Oct 2018 08:45:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369322 The ITAT partly allowed the appeal, directing the AO to reconsider various issues in line with precedents from earlier years. Disallowance of interest on advances to companies was set aside for fresh consideration following a Supreme Court judgment. Valuation of closing stock was upheld with a direction to adjust opening stock. Disallowance of pooja expenses and payments to deceased employees' relatives were deleted based on past decisions. Disallowance under section 14A was remanded for accurate expenditure determination. Loss on compensation for enforcement of security was to be re-examined for correct computation. Penalty, fine, interest under section 244A, and undecided grounds were not detailed in the judgment. Case-Laws Income Tax Wed, 17 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369322