https://www.taxtmi.com/caselaws?id=65162 The case involved cross-appeals regarding the valuation of closing stock for the assessment year 1981-82. The assessee contested an addition on account of closing stock undervaluation, while the revenue sought relief from the total addition made in the assessment related to trading results. The Assessment Commissioner upheld the under-valuation of closing stock but added an estimation for unaccounted stones in purchased ornaments. The Tribunal rejected the assessing officer's application of a gross profit rate and partially allowed the revenue's appeal by restoring the addition for unaccounted stones. en-us Wed, 31 Dec 1986 00:00:00 +0530 Mon, 14 Feb 2011 10:15:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65162 The case involved cross-appeals regarding the valuation of closing stock for the assessment year 1981-82. The assessee contested an addition on account of closing stock undervaluation, while the revenue sought relief from the total addition made in the assessment related to trading results. The Assessment Commissioner upheld the under-valuation of closing stock but added an estimation for unaccounted stones in purchased ornaments. The Tribunal rejected the assessing officer's application of a gross profit rate and partially allowed the revenue's appeal by restoring the addition for unaccounted stones. Case-Laws Income Tax Wed, 31 Dec 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65162