https://www.taxtmi.com/caselaws?id=756636 ITAT Mumbai allowed assessee's appeal on annual letable value determination, directing AO to reassess market rent after comparing different years' rental rates from Deutsche Bank and Tata Sky tenants. The tribunal noted security deposit differences affected rental amounts and remanded matter for fresh consideration. Regarding TDS provisions, ITAT ruled in assessee's favor since tax was deposited before due date under Section 139(1), preventing disallowance under Section 40a(ia). Stock shortage addition of Rs. 78,000 against average stock of Rs. 13,284 lacs was deleted as normal occurrence for multi-state engineering company. Scrap sale addition was also deleted, with ITAT confirming CIT(A)'s order that computing average daily scrap generation for addition lacks proper methodology in manufacturing operations. en-us Tue, 14 May 2024 00:00:00 +0530 Tue, 06 Aug 2024 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756636 ITAT Mumbai allowed assessee's appeal on annual letable value determination, directing AO to reassess market rent after comparing different years' rental rates from Deutsche Bank and Tata Sky tenants. The tribunal noted security deposit differences affected rental amounts and remanded matter for fresh consideration. Regarding TDS provisions, ITAT ruled in assessee's favor since tax was deposited before due date under Section 139(1), preventing disallowance under Section 40a(ia). Stock shortage addition of Rs. 78,000 against average stock of Rs. 13,284 lacs was deleted as normal occurrence for multi-state engineering company. Scrap sale addition was also deleted, with ITAT confirming CIT(A)'s order that computing average daily scrap generation for addition lacks proper methodology in manufacturing operations. Case-Laws Income Tax Tue, 14 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756636