https://www.taxtmi.com/caselaws?id=419570 The Tribunal allowed the appeal for Assessment Year (AY) 2012-13 in part and the appeal for AY 2013-14, directing the deletion of additions made by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals). The Tribunal held that the 10% deduction from sale proceeds by the Monitoring Committee was compensatory and allowable as business expenditure under section 37(1) of the Income Tax Act. Additionally, the Tribunal ruled in favor of the assessee regarding the difference in stock valuation and the valuation of dump stock, directing the AO to delete the disputed additions. en-us Tue, 22 Feb 2022 00:00:00 +0530 Mon, 14 Mar 2022 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419570 The Tribunal allowed the appeal for Assessment Year (AY) 2012-13 in part and the appeal for AY 2013-14, directing the deletion of additions made by the Assessing Officer and confirmed by the Commissioner of Income Tax (Appeals). The Tribunal held that the 10% deduction from sale proceeds by the Monitoring Committee was compensatory and allowable as business expenditure under section 37(1) of the Income Tax Act. Additionally, the Tribunal ruled in favor of the assessee regarding the difference in stock valuation and the valuation of dump stock, directing the AO to delete the disputed additions. Case-Laws Income Tax Tue, 22 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419570