https://www.taxtmi.com/caselaws?id=372363 The ITAT ruled in favor of the assessee in an appeal concerning disallowance under section 14A and addition on account of CENVAT credit in stock valuation. The disallowance under section 14A was deleted as no exempt income was earned, following decisions of Delhi High Court and Bombay High Court. Regarding CENVAT credit adjustment in stock valuation, ITAT directed adjustments to opening stock value in line with precedents and circulars. The appeal was allowed on both grounds, ensuring a fair outcome for the assessee based on legal interpretations and precedents. en-us Fri, 28 Sep 2018 00:00:00 +0530 Fri, 21 Dec 2018 07:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372363 The ITAT ruled in favor of the assessee in an appeal concerning disallowance under section 14A and addition on account of CENVAT credit in stock valuation. The disallowance under section 14A was deleted as no exempt income was earned, following decisions of Delhi High Court and Bombay High Court. Regarding CENVAT credit adjustment in stock valuation, ITAT directed adjustments to opening stock value in line with precedents and circulars. The appeal was allowed on both grounds, ensuring a fair outcome for the assessee based on legal interpretations and precedents. Case-Laws Income Tax Fri, 28 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372363