https://www.taxtmi.com/caselaws?id=766909 ITAT Ahmedabad ruled in favor of the assessee on multiple issues. Regarding interest disallowance u/s 36(1)(iii), the tribunal found that AO failed to establish that interest-bearing funds were diverted for non-business purposes when assessee had sufficient interest-free funds available. The disallowance was deleted as advances were made for business expediency. On stock valuation of rapeseeds, CIT(A)'s partial addition of Rs. 50,63,472 was upheld for consistency while remaining Rs. 3,95,62,067 deletion was confirmed. For handling/spillage/wastage losses, the tribunal agreed with CIT(A)'s deletion as such losses are natural phenomena in salt business operations. en-us Fri, 28 Feb 2025 00:00:00 +0530 Thu, 06 Mar 2025 07:35:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766909 ITAT Ahmedabad ruled in favor of the assessee on multiple issues. Regarding interest disallowance u/s 36(1)(iii), the tribunal found that AO failed to establish that interest-bearing funds were diverted for non-business purposes when assessee had sufficient interest-free funds available. The disallowance was deleted as advances were made for business expediency. On stock valuation of rapeseeds, CIT(A)'s partial addition of Rs. 50,63,472 was upheld for consistency while remaining Rs. 3,95,62,067 deletion was confirmed. For handling/spillage/wastage losses, the tribunal agreed with CIT(A)'s deletion as such losses are natural phenomena in salt business operations. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766909