https://www.taxtmi.com/caselaws?id=781089 ITAT DELHI - AT upheld the CIT(A)'s deletions: it struck down the AO's notional computation of interest at 12% on advances to related concerns because no statutory provision supported such addition, rejecting the Revenue's primary ground. The Tribunal allowed inventory losses due to theft, floods and expiry as deductible, finding the assessee had substantiated them with FIRs and records and applied commercial accounting principles. It also permitted the write-off of obsolete gift inventory as at 31.03.2017, noting ledger entries were made at year-end and subsequently ratified, so disallowance was deleted. en-us Tue, 07 Oct 2025 00:00:00 +0530 Tue, 11 Nov 2025 08:20:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781089 ITAT DELHI - AT upheld the CIT(A)'s deletions: it struck down the AO's notional computation of interest at 12% on advances to related concerns because no statutory provision supported such addition, rejecting the Revenue's primary ground. The Tribunal allowed inventory losses due to theft, floods and expiry as deductible, finding the assessee had substantiated them with FIRs and records and applied commercial accounting principles. It also permitted the write-off of obsolete gift inventory as at 31.03.2017, noting ledger entries were made at year-end and subsequently ratified, so disallowance was deleted. Case-Laws Income Tax Tue, 07 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781089