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        Case ID :
        Income Tax

        Undervaluation of closing stock at Karimnagar unit vis-`a-vis...

        Granite firm's stock valuation, dispatch discrepancies resolved; damaged stock allowed 40% deduction.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Undervaluation of closing stock at Karimnagar unit vis-`a-vis TADA premises rejected by CIT(A) based on quality differences. Variation in dispatched and invoiced quantum of raw blocks from Karimnagar accepted by CIT(A) as natural in business. AO directed to recompute addition allowing 40% as damaged/unsaleable granite after examining books. CIT(A) empowered to admit additional evidence during appeal by giving AO opportunity. No violation of natural justice as AO considered assessee's submissions filed before CIT(A). Revenue's appeal against CIT(A)'s order dismissed by ITAT.
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