https://www.taxtmi.com/caselaws?id=391816 The case involved issues related to the exclusion of receipts under Explanation (baa) to Section 80 HHC, valuation of opening stock in the case of a change in valuation of closing stock, and the application of Section 14A subsections (2) and (3) and Rule 8D for determining expenditure related to exempt income. The Hon'ble Madras High Court remitted the valuation of opening stock matter back to the Tribunal, emphasizing the need for uniformity in stock valuation methods. The Tribunal directed the Assessing Officer to verify the consistency of the new valuation method with Accounting Standards and determine the expenditure related to exempt income in accordance with Rule 8D. en-us Wed, 05 Feb 2020 00:00:00 +0530 Thu, 06 Feb 2020 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391816 The case involved issues related to the exclusion of receipts under Explanation (baa) to Section 80 HHC, valuation of opening stock in the case of a change in valuation of closing stock, and the application of Section 14A subsections (2) and (3) and Rule 8D for determining expenditure related to exempt income. The Hon'ble Madras High Court remitted the valuation of opening stock matter back to the Tribunal, emphasizing the need for uniformity in stock valuation methods. The Tribunal directed the Assessing Officer to verify the consistency of the new valuation method with Accounting Standards and determine the expenditure related to exempt income in accordance with Rule 8D. Case-Laws Income Tax Wed, 05 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391816