Essel Propack Ltd. vs ACIT

Authority: ITAT Tribunal/Court: Mumbai Date: 2017-09-11 AY: 2008-09 Section: 14A, 145A, 43(5), 43B Acts: Income Tax Act 1961 Result: Statistical Purpose Citation: 917Taxpundit120 Justices: P K Bansal VP & Pawan Singh JM Appeal No: ITA No.4116 /Mum/2013
Whether disallowance under section 14A can be made when no exempt income is earned --- Held No; Whether CENVAT credit should be included in closing stock valuation under section 145A --- Held No; Whether loss on cancellation of forward foreign exchange contracts is speculative under section 43(5) --- Held No; Whether disallowance of repairs and maintenance expenses is justified without proper verification --- Held No; Whether UPS qualifies for 60% depreciation rate --- Held Yes

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