https://www.taxtmi.com/caselaws?id=443215 The tribunal ruled in favor of the assessee regarding both grievances. For the undervaluation of stock, the tribunal concluded that the addition of Rs. 5,19,848 was unjustified, as any adjustment in closing stock should also adjust the opening stock, rendering the exercise tax-neutral. Consequently, the addition was ordered to be deleted. Regarding the treatment of capital subsidy, the tribunal determined that the subsidy was intended to promote industrial growth and not to reduce the cost of fixed assets. Thus, the tribunal directed the deletion of the addition made by the Assessing Officer, affirming that the previous consistent treatment should not be altered without justification. en-us Fri, 15 Sep 2023 00:00:00 +0530 Tue, 26 Nov 2024 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443215 The tribunal ruled in favor of the assessee regarding both grievances. For the undervaluation of stock, the tribunal concluded that the addition of Rs. 5,19,848 was unjustified, as any adjustment in closing stock should also adjust the opening stock, rendering the exercise tax-neutral. Consequently, the addition was ordered to be deleted. Regarding the treatment of capital subsidy, the tribunal determined that the subsidy was intended to promote industrial growth and not to reduce the cost of fixed assets. Thus, the tribunal directed the deletion of the addition made by the Assessing Officer, affirming that the previous consistent treatment should not be altered without justification. Case-Laws Income Tax Fri, 15 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443215