![ITAT Deletes AOs Excess Stock Addition based on Misinterpretation of Finished Goods Accounting System and Unsubstantiated Sales Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/Excess-stock-arisen-normal-business-income-business-stock-ITAT-TAXSCAN-1536x806-1.jpg "ITAT Deletes AOs Excess Stock Addition based on Misinterpretation of Finished Goods Accounting System and Unsubstantiated Sales Evidence [Read Order]")
ITAT Deletes AO's Excess Stock Addition based on Misinterpretation of Finished Goods Accounting System and Unsubstantiated Sales Evidence [Read Order]
The New Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the excess stock addition made by the assessing officer due to the...
![No Penalty Imposed Merely because the Stock of Finished Goods Found In Factory Without Entry: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/CESTAT-delhi-Finished-goods-stock-penalty-Excise-penalty-for-stock-Factory-stock-entry-violation-taxscan.jpg "No Penalty Imposed Merely because the Stock of Finished Goods Found In Factory Without Entry: CESTAT [Read Order]")
![Refund Claim of Cenvat Credit allowable when Input Service is related to Manufacture of Finished Goods: CESTAT upholds Refund in absence of Contrary Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Refund-Claim-of-Cenvat-Credit-Refund-Claim-Cenvat-Credit-Input-Service-Finished-Goods-CESTAT-upholds-Refund-Contrary-Evidence-taxscan.jpg "Refund Claim of Cenvat Credit allowable when Input Service is related to Manufacture of Finished Goods: CESTAT upholds Refund in absence of Contrary Evidence [Read Order]")
![No Duty Demandable on Semi-Finished and Finished Goods when it was Exported after Payment of Duty u/s 3(1) of Central Excise Act: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/No-Duty-Demandable-on-Semi-Finished-Finished-Goods-Payment-of-Duty-Central-Excise-Act-CESTAT-taxscan.jpg "No Duty Demandable on Semi-Finished and Finished Goods when it was Exported after Payment of Duty u/s 3(1) of Central Excise Act: CESTAT [Read Order]")
![CESTAT allows Cenvat Credit on ‘inputs’ used in the Manufacture of Rerolled Products, Excise Duty not Leviable [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/CESTAT-allows-Cenvat-Credit-CESTAT-Cenvat-Credit-Manufacture-of-Rerolled-Products-Excise-Duty-Taxscan.jpg "CESTAT allows Cenvat Credit on ‘inputs’ used in the Manufacture of Rerolled Products, Excise Duty not Leviable [Read Order]")
Absence of Corroborative Evidence on allegation of Clandestine Manufacture and Removal of finished Goods: CESTAT quashes Duty demand
The Kolkata Bench of the Customs, Excise and Service Tax Appellate Tribunal ( CESTAT ), quashed demand of duty on the ground that there was absence of corroborative evidence on allegation of...
Relief to Bajaj Herbals: CESTAT grants remission of Duty on Finished Goods destroyed in Fire Incident [Read Order]
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Ahmedabad Bench granted remission of duty on finished goods destroyed in fire incident, thereby granting relief to Bajaj Herbals. ...
![Relief to Bajaj Herbals: CESTAT grants remission of Duty on Finished Goods destroyed in Fire Incident [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/Bajaj-Herbals-CESTAT-Duty-Finished-Goods-Fire-Incident-taxscan.jpeg "Relief to Bajaj Herbals: CESTAT grants remission of Duty on Finished Goods destroyed in Fire Incident [Read Order]")
CESTAT upholds Penalty of Chairman/MD on Failure to ensure Proper Accounting of Finished Goods [Read Order]
The Ahmedabad Bench of Customs, Excise & Service Tax Appellate Tribunal (CESTAT) has upheld the penalty of the Chairman/Managing Director since he failed to ensure proper accounting of finished...
![CESTAT upholds Penalty of Chairman/MD on Failure to ensure Proper Accounting of Finished Goods [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/CESTAT-Penalty-Chairman-MD-Accounting-Finished-Goods-taxscan.jpeg "CESTAT upholds Penalty of Chairman/MD on Failure to ensure Proper Accounting of Finished Goods [Read Order]")
Minor Adjustments made to Valuation of Goods not amount to Under-Valuation of Stock: ITAT [Read Order]
The Income Tax Appellate Tribunal Ahmedabad Bench presided by Ms. Annapurna Gupta, Accountant Member and Mr. Mahavir Prasad, Judicial Member has held that minor adjustments made to valuation of goods...
![Minor Adjustments made to Valuation of Goods not amount to Under-Valuation of Stock: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Adjustments-Goods-Stock-ITAT-taxscan.jpg "Minor Adjustments made to Valuation of Goods not amount to Under-Valuation of Stock: ITAT [Read Order]")
Denial of Credit availed on Capital Goods due to Higher Rate of Drawback: Madras HC quashes Single Bench Decision denying Benefit to Exporter [Read Order]
A division bench of the Madras High Court has quashed a single judge decision wherein the rebate of duty paid out of credit availed on capital goods was denied to the exporter on the ground the a...
![Denial of Credit availed on Capital Goods due to Higher Rate of Drawback: Madras HC quashes Single Bench Decision denying Benefit to Exporter [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/06/Credit-Capital-Goods-Madras-HC-Exporter-taxscan.jpg "Denial of Credit availed on Capital Goods due to Higher Rate of Drawback: Madras HC quashes Single Bench Decision denying Benefit to Exporter [Read Order]")
RMP most adequate method where Taxpayer is involved in Resale and Purchase of Finished Goods: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi bench consisting of N.K. Billaiya, Accountant Member, and Yogesh Kumar U.S, Judicial Member held that RMP most adequate method where the taxpayer is...
![RMP most adequate method where Taxpayer is involved in Resale and Purchase of Finished Goods: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/RMP-adequate-method-tax-payer-resale-purchase-finished-goods-ITAT-Taxscan.jpeg "RMP most adequate method where Taxpayer is involved in Resale and Purchase of Finished Goods: ITAT [Read Order]")