https://www.taxtmi.com/caselaws?id=62771 The Tribunal partially allowed the appeal, ruling in favor of the assessee on two issues. The addition of Rs. 116,79,98,000 for interest and litigation costs was deleted as no enforceable right had vested in the assessee in the relevant year. Additionally, the Rs. 24,43,49,000 addition for the valuation of closing stock was also deleted, as the assessee's valuation method based on government guidelines was deemed reasonable. However, the Rs. 40,43,000 disallowance for writing off loose tools was upheld, requiring the assessee to depreciate them over their useful life. en-us Fri, 11 Jul 2008 00:00:00 +0530 Wed, 12 Jun 2013 18:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62771 The Tribunal partially allowed the appeal, ruling in favor of the assessee on two issues. The addition of Rs. 116,79,98,000 for interest and litigation costs was deleted as no enforceable right had vested in the assessee in the relevant year. Additionally, the Rs. 24,43,49,000 addition for the valuation of closing stock was also deleted, as the assessee's valuation method based on government guidelines was deemed reasonable. However, the Rs. 40,43,000 disallowance for writing off loose tools was upheld, requiring the assessee to depreciate them over their useful life. Case-Laws Income Tax Fri, 11 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62771