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Revision of Assessment Order u/s 263 Not Valid for "Notional Interest" recognized under IND-AS: ITAT Limits Reassessment to Stock Valuation Issue
In a recent ruling on the scope of revisionary jurisdiction under Section 263 of the Income Tax Act, 1961, the Chandigarh Bench of the Income Tax...
![Opening Stock Must be Revalued by Same Method as used in Valuation of Closing Stock: ITAT to AO in Gopu Nandilath Case [Read Order]](https://images.taxscan.in/h-upload/2025/12/15/250x150_2112261-opening-stock-revalued-valuation-closing-stock-itat-ao-gopu-nandilath-case-taxscan.webp "Opening Stock Must be Revalued by Same Method as used in Valuation of Closing Stock: ITAT to AO in Gopu Nandilath Case [Read Order]")
![ITAT Validates AO’s Estimation of Gross Profit at 20.97% for Road Contractor Amidst Unverifiable Cash Transactions [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/04/Cash-Transactions-.jpg "ITAT Validates AO’s Estimation of Gross Profit at 20.97% for Road Contractor Amidst Unverifiable Cash Transactions [Read Order]")
![Failure to Furnish Supporting Evidence against addition under Income Tax Act: Kerala HC upholds addition to Capital Account of Partner [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/Failure-to-Furnish-Supporting-Evidence-Income-Tax-Act-Kerala-HC-Capital-Account-of-Partner-TAXSCAN.jpg "Failure to Furnish Supporting Evidence against addition under Income Tax Act: Kerala HC upholds addition to Capital Account of Partner [Read Order]")
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]")