https://www.taxtmi.com/caselaws?id=67160 The Tribunal upheld the CIT(A)'s decision in favor of the assessee regarding the valuation of closing stock of silver and silver ornaments, finding no addition warranted as the closing stock was valued in line with the average cost price. Additionally, the Tribunal agreed with the CIT(A) that the cash payments exceeding Rs. 10,000 made by the assessee to villagers for purchasing old gold ornaments were justified due to unavoidable circumstances, leading to the deletion of the Rs. 72,132 addition under section 40A(3). The appeal of the Revenue was unsuccessful, and the cross-objection of the assessee was also dismissed. en-us Fri, 19 Sep 1997 00:00:00 +0530 Wed, 09 Mar 2011 13:02:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67160 The Tribunal upheld the CIT(A)'s decision in favor of the assessee regarding the valuation of closing stock of silver and silver ornaments, finding no addition warranted as the closing stock was valued in line with the average cost price. Additionally, the Tribunal agreed with the CIT(A) that the cash payments exceeding Rs. 10,000 made by the assessee to villagers for purchasing old gold ornaments were justified due to unavoidable circumstances, leading to the deletion of the Rs. 72,132 addition under section 40A(3). The appeal of the Revenue was unsuccessful, and the cross-objection of the assessee was also dismissed. Case-Laws Income Tax Fri, 19 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67160