https://www.taxtmi.com/caselaws?id=120339 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decisions. It found that the assessee maintained complete books of account, making Section 145(3) inapplicable. The Tribunal affirmed the deletion of trading additions and undervaluation of closing stock, citing consistent valuation methods. Additionally, the Tribunal upheld the reduction in disallowance of repairs and replacement expenses, emphasizing the lack of specific evidence supporting the AO's decision. The importance of consistency in tax assessments and the requirement for substantial evidence to deviate from accepted accounting practices were highlighted. en-us Mon, 19 Sep 2005 00:00:00 +0530 Wed, 18 Jul 2012 15:33:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120339 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decisions. It found that the assessee maintained complete books of account, making Section 145(3) inapplicable. The Tribunal affirmed the deletion of trading additions and undervaluation of closing stock, citing consistent valuation methods. Additionally, the Tribunal upheld the reduction in disallowance of repairs and replacement expenses, emphasizing the lack of specific evidence supporting the AO's decision. The importance of consistency in tax assessments and the requirement for substantial evidence to deviate from accepted accounting practices were highlighted. Case-Laws Income Tax Mon, 19 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120339