1977 (2) TMI 42 - AT - Income Tax

Summary

The appeal was by a partnership firm regarding the valuation of closing stock. The ITO valued it at Rs. 20 per bundle, while purchase price was Rs. 33. The AAC confirmed an addition of Rs. 17,000. The Tribunal found the addition excessive and reduced it to Rs. 4,000, deleting the balance of Rs. 13,000. The appeal was allowed in part.