https://www.taxtmi.com/caselaws?id=119953 The Appellate Tribunal partially allowed both appeals filed by the assessee. The disallowance under section 37(2A) of the Act was restricted to 10% of canteen expenses. The disallowance under rule 6D was upheld, and the valuation of closing stock under section 145(1) of the Act was directed to be determined through continuous determination of weighted average. The Tribunal instructed the Assessing Officer to accept the method of accounting for valuation of stock chosen by the assessee for both assessment years, emphasizing the inclusion of all historical costs. en-us Tue, 12 Sep 2006 00:00:00 +0530 Sat, 14 Jul 2012 12:51:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119953 The Appellate Tribunal partially allowed both appeals filed by the assessee. The disallowance under section 37(2A) of the Act was restricted to 10% of canteen expenses. The disallowance under rule 6D was upheld, and the valuation of closing stock under section 145(1) of the Act was directed to be determined through continuous determination of weighted average. The Tribunal instructed the Assessing Officer to accept the method of accounting for valuation of stock chosen by the assessee for both assessment years, emphasizing the inclusion of all historical costs. Case-Laws Income Tax Tue, 12 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119953