https://www.taxtmi.com/caselaws?id=219314 The ITAT rejected the assessee's claim for a 50% discount in stock valuation, stating that stock should be valued at the lower of cost or market value uniformly. The claim for further deduction for discount sale was disallowed. The ITAT allowed the claim for stock not credited in books, finding no evidence to doubt its genuineness. The grounds related to the value of closing stock and deduction of discount were dismissed. The Revenue's appeal on additions made was dismissed due to the disputed tax effect being below Rs.2 lakhs, in line with CBDT circulars on monetary limits for appeals. en-us Tue, 24 Jul 2012 00:00:00 +0530 Tue, 11 Dec 2012 08:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219314 The ITAT rejected the assessee's claim for a 50% discount in stock valuation, stating that stock should be valued at the lower of cost or market value uniformly. The claim for further deduction for discount sale was disallowed. The ITAT allowed the claim for stock not credited in books, finding no evidence to doubt its genuineness. The grounds related to the value of closing stock and deduction of discount were dismissed. The Revenue's appeal on additions made was dismissed due to the disputed tax effect being below Rs.2 lakhs, in line with CBDT circulars on monetary limits for appeals. Case-Laws Income Tax Tue, 24 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219314