https://www.taxtmi.com/caselaws?id=387424 The Tribunal upheld the Assessing Officer's jurisdiction to add Rs. 259.31 crores for the provision of copper concentrate purchase, as directed by the Principal Commissioner of Income Tax under Section 263. The provision was deemed allowable based on estimation using London Metal Exchange prices, complying with accounting standards. The Tribunal emphasized the consistency in the method of accounting for provisions and allowed netting off against previous years' provisions. Full Tax Deducted at Source credit was granted, while penalty proceedings initiation and interest levy were dismissed. The appeal was partly allowed, directing deletion of the disallowance and granting TDS credit. en-us Wed, 09 Oct 2019 00:00:00 +0530 Wed, 23 Oct 2019 08:50:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387424 The Tribunal upheld the Assessing Officer's jurisdiction to add Rs. 259.31 crores for the provision of copper concentrate purchase, as directed by the Principal Commissioner of Income Tax under Section 263. The provision was deemed allowable based on estimation using London Metal Exchange prices, complying with accounting standards. The Tribunal emphasized the consistency in the method of accounting for provisions and allowed netting off against previous years' provisions. Full Tax Deducted at Source credit was granted, while penalty proceedings initiation and interest levy were dismissed. The appeal was partly allowed, directing deletion of the disallowance and granting TDS credit. Case-Laws Income Tax Wed, 09 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387424