![Piramal Enterprises unique unutilised MODVAT Credit recomputation attracts Rs. 207 Crores Addition: ITAT orders Re-adjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/03/ITAT-ITAT-Mumbai-Income-Tax-Piramal-Enterprises-MODVAT-Credit-recomputation-MODVAT-taxscan.jpg "Piramal Enterprises unique unutilised MODVAT Credit recomputation attracts Rs. 207 Crores Addition: ITAT orders Re-adjudication [Read Order]")
Piramal Enterprises' unique unutilised MODVAT Credit recomputation attracts Rs. 207 Crores Addition: ITAT orders Re-adjudication [Read Order]
The Income Tax Appellate Tribunal ( ITAT ) in Mumbai has directed re-adjudication regarding the addition of Rs. 207 crores on increase in the value...
![Difference in Opening Stock and Closing Stock due to Clerical Mistake in ITR: ITAT upholds deletion of Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Difference-Opening-Stock-Closing-Stock-Clerical-Mistake-ITR-ITAT-TAXSCAN.jpg "Difference in Opening Stock and Closing Stock due to Clerical Mistake in ITR: ITAT upholds deletion of Addition [Read Order]")
![Failure of assessee to explain allowability of freight expenditure and labour charges payable, claimed in closing stock: ITAT dismisses appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Failure-of-assessee-freight-expenditure-labour-charges-closing-stock-ITAT-taxscan.jpg "Failure of assessee to explain allowability of freight expenditure and labour charges payable, claimed in closing stock: ITAT dismisses appeal [Read Order]")
![Increasing Value of Closing Stock of Raw Materials and Packing Materials Unutilized Balance of Modvat:Â ITAT directs Readjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Increasing-value-of-closing-stock-of-raw-materials-packing-materials-unutilized-balance-of-Modvat-ITAT-directs-readjudication-taxscan.jpg "Increasing Value of Closing Stock of Raw Materials and Packing Materials Unutilized Balance of Modvat:Â ITAT directs Readjudication [Read Order]")
![All known Losses should be Provided even if it is not Actually Incurred: ITAT deletes Addition on Valuation of Closing Stocks [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Losses-ITAT-Deletes-Addition-on-Valuation-of-Closing-Stocks-Valuation-of-Closing-Stocks-Closing-Stocks-Valuation-ITAT-Deletes-Addition-taxscan.jpg "All known Losses should be Provided even if it is not Actually Incurred: ITAT deletes Addition on Valuation of Closing Stocks [Read Order]")
Revisional Jurisdiction cannot be Invoked if AO Adopted One of Two Plausible Views: ITAT upholds Assessment Order treating Unsold Flats as Closing Stock
The Income Tax Appellate Tribunal (ITAT), Pune Bench, has recently, in an appeal filed before it, while upholding an assessment order treating unsold flats as closing stock, held that revisional...
![ITAT approves Addition on GP at 2.5% on Non-explanation regarding Closing Stock [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/10/ITAT-approves-GP-TAXSCAN.jpeg "ITAT approves Addition on GP at 2.5% on Non-explanation regarding Closing Stock [Read Order]")
Delhi Govt extends due date for VAT Dealers to submit Closing Stock Details held by them prior to GST Rollout [Read Notification]
The Department of Trade and Taxes, Delhi directed all the dealers who were registered under the Delhi VAT ( Value Added Tax) to submit details of closing stock as held by them on 31st Mar & 30th...
![Delhi Govt extends due date for VAT Dealers to submit Closing Stock Details held by them prior to GST Rollout [Read Notification]](https://www.taxscan.in/wp-content/uploads/2017/01/VAT-Taxscan.jpg "Delhi Govt extends due date for VAT Dealers to submit Closing Stock Details held by them prior to GST Rollout [Read Notification]")
No Addition can be made in respect of Unutilized Cenvat Credit to Closing Stock: Bombay HC [Read Order]
Upholding the Tribunal order deleting addition in respect of unutilized Cenvat credit to closing stock, a division bench of the Bombay High Court held that irrespective of the method of accounting...
![No Addition can be made in respect of Unutilized Cenvat Credit to Closing Stock: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/04/Share-Trading.jpg "No Addition can be made in respect of Unutilized Cenvat Credit to Closing Stock: Bombay HC [Read Order]")
Interest towards Closing Stock is Capital Expenditure, Grants from Government is not Taxable: ITAT Delhi [Read Order]
In a recent ruling, the Delhi bench of Income Tax Appellate Tribunal allowed expenditure on interest pertaining to closing stock since it is 'capital' in nature.The Tribunal, further allowed another...
![Interest towards Closing Stock is Capital Expenditure, Grants from Government is not Taxable: ITAT Delhi [Read Order]](https://www.taxscan.in/wp-content/uploads/2016/09/ITAT-Ahmedabad.jpg "Interest towards Closing Stock is Capital Expenditure, Grants from Government is not Taxable: ITAT Delhi [Read Order]")