https://www.taxtmi.com/caselaws?id=418086 The Tribunal upheld the CIT(A)'s decisions to delete various disallowances made by the AO. The disallowance of loss incurred on hedging of copper scrap imports was overturned as genuine hedging activities. The disallowance of raw material consumption as suppressed income was rejected due to proper record-keeping. The disallowance of stamp duty expenses was deemed valid for business purposes. The disallowance under Section 40(a)(ia) for non-deduction of TDS on payments to clearing and forwarding agents was dismissed as not involving profit elements. The disallowance of store and spare expenses was overturned based on third-party evidence. The disallowance for late deposit of employee's PF contribution was deleted as within the grace period. en-us Tue, 01 Feb 2022 00:00:00 +0530 Mon, 07 Feb 2022 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418086 The Tribunal upheld the CIT(A)'s decisions to delete various disallowances made by the AO. The disallowance of loss incurred on hedging of copper scrap imports was overturned as genuine hedging activities. The disallowance of raw material consumption as suppressed income was rejected due to proper record-keeping. The disallowance of stamp duty expenses was deemed valid for business purposes. The disallowance under Section 40(a)(ia) for non-deduction of TDS on payments to clearing and forwarding agents was dismissed as not involving profit elements. The disallowance of store and spare expenses was overturned based on third-party evidence. The disallowance for late deposit of employee's PF contribution was deleted as within the grace period. Case-Laws Income Tax Tue, 01 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418086