https://www.taxtmi.com/caselaws?id=211076 The Tribunal partially allowed the revenue's appeal, upholding the AO's decision on the set-off of business losses due to a non-qualifying relationship between the transferor and transferee. However, the Tribunal sided with the CIT(A) on the issues of under-valuation of closing stock and unexplained deposits under Section 68, emphasizing that the valuation method was consistent and adequately supported, and the assessee provided extensive documentary evidence for the unexplained deposits, which the AO failed to effectively counter. en-us Fri, 06 Jan 2012 00:00:00 +0530 Thu, 16 Feb 2012 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211076 The Tribunal partially allowed the revenue's appeal, upholding the AO's decision on the set-off of business losses due to a non-qualifying relationship between the transferor and transferee. However, the Tribunal sided with the CIT(A) on the issues of under-valuation of closing stock and unexplained deposits under Section 68, emphasizing that the valuation method was consistent and adequately supported, and the assessee provided extensive documentary evidence for the unexplained deposits, which the AO failed to effectively counter. Case-Laws Income Tax Fri, 06 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211076