https://www.taxtmi.com/caselaws?id=444838 The ITAT Mumbai allowed the assessee's appeals and dismissed revenue's appeals in a case involving a gold jewellery manufacturer. The tribunal deleted additions for making charges and wastage claims, following a coordinate bench decision that Excel sheets were not parallel books but employee control sheets. Additions for unrecorded sales were upheld as deleted by CIT(A) due to discrepancies in Excel sheets and no stock variance found. Section 68 additions were deleted following Bombay HC precedents in Orchid Industries and Paradise Inland Shipping cases, as the assessee had produced required documents. Disallowance under section 14A was limited to exempt income earned, following Madras HC decision in Marg Limited. en-us Fri, 20 Oct 2023 00:00:00 +0530 Thu, 26 Oct 2023 09:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444838 The ITAT Mumbai allowed the assessee's appeals and dismissed revenue's appeals in a case involving a gold jewellery manufacturer. The tribunal deleted additions for making charges and wastage claims, following a coordinate bench decision that Excel sheets were not parallel books but employee control sheets. Additions for unrecorded sales were upheld as deleted by CIT(A) due to discrepancies in Excel sheets and no stock variance found. Section 68 additions were deleted following Bombay HC precedents in Orchid Industries and Paradise Inland Shipping cases, as the assessee had produced required documents. Disallowance under section 14A was limited to exempt income earned, following Madras HC decision in Marg Limited. Case-Laws Income Tax Fri, 20 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444838