https://www.taxtmi.com/caselaws?id=64769 The Tribunal upheld the Commissioner of Income Tax's decision to set aside assessments for alleged undervaluation of stocks by not including certain expenses, directing inclusion of overheads. The Tribunal agreed that the direct cost method required consideration of direct expenses related to production, supporting the CIT's jurisdiction under section 263. The Tribunal affirmed that items directly related to the cost should be considered in the valuation of closing stock. The Tribunal directed the modification of the valuation of closing stock based on specific expense inclusions, partially allowing the appeals. en-us Thu, 29 Jan 1998 00:00:00 +0530 Thu, 23 Mar 2017 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64769 The Tribunal upheld the Commissioner of Income Tax's decision to set aside assessments for alleged undervaluation of stocks by not including certain expenses, directing inclusion of overheads. The Tribunal agreed that the direct cost method required consideration of direct expenses related to production, supporting the CIT's jurisdiction under section 263. The Tribunal affirmed that items directly related to the cost should be considered in the valuation of closing stock. The Tribunal directed the modification of the valuation of closing stock based on specific expense inclusions, partially allowing the appeals. Case-Laws Income Tax Thu, 29 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64769