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2013 (7) TMI 311 - ITAT MUMBAIIncrease in value of closing stock u/s 145 - inclusion of interest cost - assessee is in the business of ship breaking industry - CIT observed that there is no room to disturb the valuation of closing stock. The interest expenses are revenue expenses for capital borrowed and allowed u/s.36(1)(iii). They cannot be allocated to the closing stock. - Held that:- from the orders of the revenue authorities it is not clear, as to how and when the letter of credit was discharged. - Matter needs reconsideration - matter remanded back. Unproved loan u/s 68 - CIT(A) deleted the addition - Held that:- It is not very clear from the orders of both the revenue authorities as to how the addition u/s 68 was made, when all the persons, who had advanced loans to the assessee in the previous and/or earlier years, had been accepted. On the other hand, the CIT(A) also accepted the submissions of the assessee without considering the reply of the revenue. - Matter needs reconsideration - matter remanded back.
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