https://www.taxtmi.com/caselaws?id=378664 The Tribunal upheld the deletion of the addition made under section 145A of the Income Tax Act by the Assessing Officer. Despite the method of accounting not aligning with section 145A, the Tribunal found that the assessee's approach considered the impact of CENVAT/VAT in the profit and loss account. Citing consistency in accounting methods and tax-neutrality principles, the Tribunal dismissed the Revenue's appeal, affirming the Ld. CIT(A)'s decision. The judgment emphasizes the significance of maintaining consistent valuation methods for stock and applying tax principles in valuation disputes. en-us Mon, 18 Feb 2019 00:00:00 +0530 Fri, 19 Apr 2019 08:30:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378664 The Tribunal upheld the deletion of the addition made under section 145A of the Income Tax Act by the Assessing Officer. Despite the method of accounting not aligning with section 145A, the Tribunal found that the assessee's approach considered the impact of CENVAT/VAT in the profit and loss account. Citing consistency in accounting methods and tax-neutrality principles, the Tribunal dismissed the Revenue's appeal, affirming the Ld. CIT(A)'s decision. The judgment emphasizes the significance of maintaining consistent valuation methods for stock and applying tax principles in valuation disputes. Case-Laws Income Tax Mon, 18 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378664