https://www.taxtmi.com/caselaws?id=304861 The Tribunal allowed the assessee's appeal, overturning the CIT(A)'s decision on the conversion/manufacturing loss disallowance for Assessment Year 2006-07. The Tribunal ruled that the disallowance of Rs.2,12,953 was unsustainable as the assessee's trading results were supported by maintained books of accounts without defects pointed out by the Revenue. The Tribunal emphasized that excess loss does not justify disallowance in the absence of accounting irregularities. en-us Fri, 19 Dec 2014 00:00:00 +0530 Tue, 01 Nov 2022 20:49:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304861 The Tribunal allowed the assessee's appeal, overturning the CIT(A)'s decision on the conversion/manufacturing loss disallowance for Assessment Year 2006-07. The Tribunal ruled that the disallowance of Rs.2,12,953 was unsustainable as the assessee's trading results were supported by maintained books of accounts without defects pointed out by the Revenue. The Tribunal emphasized that excess loss does not justify disallowance in the absence of accounting irregularities. Case-Laws Income Tax Fri, 19 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304861