https://www.taxtmi.com/caselaws?id=215404 The Tribunal allowed the appeal in part, directing the Assessing Officer to consider the appellant's detailed FIFO method calculation for valuing closing stock, emphasizing consistency with past practices. Disallowance of warehouse charges was set aside, requiring a reassessment based on fair market value comparison. The disallowance of purchases from a sister concern under Section 40(a)(ii)(b) was upheld. An additional ground for reworking depreciation claim was restored for reconsideration to recalculate in line with tax rules and relevant provisions. The appeal was allowed in part with specific directions for each issue raised. en-us Mon, 18 Jun 2012 00:00:00 +0530 Fri, 03 Aug 2012 18:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215404 The Tribunal allowed the appeal in part, directing the Assessing Officer to consider the appellant's detailed FIFO method calculation for valuing closing stock, emphasizing consistency with past practices. Disallowance of warehouse charges was set aside, requiring a reassessment based on fair market value comparison. The disallowance of purchases from a sister concern under Section 40(a)(ii)(b) was upheld. An additional ground for reworking depreciation claim was restored for reconsideration to recalculate in line with tax rules and relevant provisions. The appeal was allowed in part with specific directions for each issue raised. Case-Laws Income Tax Mon, 18 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215404