https://www.taxtmi.com/caselaws?id=311752 The ITAT Surat affirmed the CIT(A)'s order allowing relief on interest disallowance, following a binding precedent from the assessee's own case for AY 2009-10. Regarding closing stock valuation of finished goods, the matter was restored to the AO due to inconsistent submissions by the assessee. For undervaluation of damaged goods, the Tribunal allowed 25% disallowance of Rs. 2.227 crore, deleting the remaining amount as both parties lacked sufficient evidence. The addition for repairs and maintenance expenses was deleted as the AO failed to provide material evidence proving the expenditure was capital rather than revenue in nature. en-us Mon, 26 Sep 2022 00:00:00 +0530 Thu, 11 Jan 2024 09:26:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311752 The ITAT Surat affirmed the CIT(A)'s order allowing relief on interest disallowance, following a binding precedent from the assessee's own case for AY 2009-10. Regarding closing stock valuation of finished goods, the matter was restored to the AO due to inconsistent submissions by the assessee. For undervaluation of damaged goods, the Tribunal allowed 25% disallowance of Rs. 2.227 crore, deleting the remaining amount as both parties lacked sufficient evidence. The addition for repairs and maintenance expenses was deleted as the AO failed to provide material evidence proving the expenditure was capital rather than revenue in nature. Case-Laws Income Tax Mon, 26 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311752