Interest Expense Disallowed by AO Reinstated by CIT(A) as Per ICAI Accounting Standard-2; No Further Adjustments Needed.

Interest Expense Disallowed by AO Reinstated by CIT(A) as Per ICAI Accounting Standard-2; No Further Adjustments Needed. https://www.taxtmi.com/highlights?id=54651 Disallowance of interest expenditure - As per AO interest attributable to bring the inventory to its present location and condition should be included in the cost of inventory - CIT(A) deleted the disallowance - the method of valuation adopted by the assessee also gets support from Accounting Standard – 2 issued by ICAI - No additions - AT en-us Mon, 07 Sep 2020 10:10:28 +0530 Mon, 07 Sep 2020 10:10:28 +0530 TaxTMI RSS Generator Interest Expense Disallowed by AO Reinstated by CIT(A) as Per ICAI Accounting Standard-2; No Further Adjustments Needed. https://www.taxtmi.com/highlights?id=54651 Disallowance of interest expenditure - As per AO interest attributable to bring the inventory to its present location and condition should be included in the cost of inventory - CIT(A) deleted the disallowance - the method of valuation adopted by the assessee also gets support from Accounting Standard – 2 issued by ICAI - No additions - AT Highlights Income Tax Mon, 07 Sep 2020 10:10:28 +0530 https://www.taxtmi.com/highlights?id=54651