https://www.taxtmi.com/caselaws?id=237242 The Tribunal upheld the disallowance of commission payment to non-whole time directors, emphasizing the lack of evidence of services rendered by the directors and absence of a contract of employment, leading to rejection of the expenditure claim. Regarding the undervaluation of closing stock, the Tribunal found discrepancies in the assessee's valuation method and directed a fresh determination by the Assessing Officer, allowing the assessee an opportunity to substantiate its claims with supporting evidence. The matter was remitted back to the AO for further adjudication. en-us Fri, 19 Oct 2012 00:00:00 +0530 Mon, 23 Sep 2013 06:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237242 The Tribunal upheld the disallowance of commission payment to non-whole time directors, emphasizing the lack of evidence of services rendered by the directors and absence of a contract of employment, leading to rejection of the expenditure claim. Regarding the undervaluation of closing stock, the Tribunal found discrepancies in the assessee's valuation method and directed a fresh determination by the Assessing Officer, allowing the assessee an opportunity to substantiate its claims with supporting evidence. The matter was remitted back to the AO for further adjudication. Case-Laws Income Tax Fri, 19 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237242