https://www.taxtmi.com/caselaws?id=118970 The Tribunal upheld the rejection of the assessee's books of account and the ad hoc addition of Rs. 1,75,000 to the closing stock. However, it deemed the valuation excessive and reduced it to Rs. 1,25,000. The Tribunal partially allowed the appeal, emphasizing the importance of maintaining accurate stock records for determining true profits and compliance with accounting standards under the Income-tax Act. en-us Wed, 29 Jun 2005 00:00:00 +0530 Sat, 07 Jul 2012 11:47:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118970 The Tribunal upheld the rejection of the assessee's books of account and the ad hoc addition of Rs. 1,75,000 to the closing stock. However, it deemed the valuation excessive and reduced it to Rs. 1,25,000. The Tribunal partially allowed the appeal, emphasizing the importance of maintaining accurate stock records for determining true profits and compliance with accounting standards under the Income-tax Act. Case-Laws Income Tax Wed, 29 Jun 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118970