Undervaluation of closing stock - the Tribunal ought not to have ...

Income Tax

January 9, 2024

Undervaluation of closing stock - the Tribunal ought not to have restricted such addition to 25% without any basis and only by estimating the same in absence of any material on record for the same. However, as the addition is in closing stock which would have a cascading effect and the year under consideration is 2011-12, we would not like to interfere in the impugned order of Tribunal on that ground only. - HC

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Undervaluation of closing stock - the Tribunal ought not to have ...

Income Tax

January 9, 2024

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