No Sales Suppression Addition Solely Based on Abstract Textile Data

DCIT Vs Arumuga Cottspin Pvt.Ltd.  (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT) Chennai recently delivered a significant judgment in the case of DCIT (Deputy Commissioner of Income Tax) versus Arumuga Cottspin Pvt. Ltd. The case pertains to the Assessment Year 2015-16 and involves appeals filed by both the Revenue and the assessee against the order of the Commissioner of Income Tax (Appeals)-16, Chennai. Background of the Case: The primary issues under consideration were: Disallowance of interest on borrowed capital under section 36(1)(iii) proportionate to the amount advanced to ...