https://www.taxtmi.com/caselaws?id=399532 The ITAT ruled in favor of the assessee on various issues, including disallowance of expenditure on tools, deletion of building and furniture from block of assets without granting depreciation, and the addition of excise duty on finished goods to closing stock valuation. The ITAT disagreed with the Assessing Officer's decisions, directing the AO to delete the disallowed amounts, grant depreciation, and provide opportunities for verification. Penalty proceedings under section 271(1)(c) were deemed premature by the ITAT. Overall, the ITAT partly allowed the assessee's appeal for statistical purposes, providing detailed rulings on each issue. en-us Thu, 06 Aug 2020 00:00:00 +0530 Tue, 13 Oct 2020 15:36:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399532 The ITAT ruled in favor of the assessee on various issues, including disallowance of expenditure on tools, deletion of building and furniture from block of assets without granting depreciation, and the addition of excise duty on finished goods to closing stock valuation. The ITAT disagreed with the Assessing Officer's decisions, directing the AO to delete the disallowed amounts, grant depreciation, and provide opportunities for verification. Penalty proceedings under section 271(1)(c) were deemed premature by the ITAT. Overall, the ITAT partly allowed the assessee's appeal for statistical purposes, providing detailed rulings on each issue. Case-Laws Income Tax Thu, 06 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399532