https://www.taxtmi.com/caselaws?id=242860 The tribunal partly allowed the appeal of the assessee and dismissed the appeal of the Revenue. It held that statements recorded during a survey under Section 133A of the Income Tax Act lack evidentiary value. The valuation of excess stock was deemed inaccurate due to discrepancies in inventory sheets and estimation-based valuation. The tribunal rejected the rejection of books of account and directed adjustments in discount and gross profit rates. A set-off for stock received on approval was allowed. The tribunal emphasized that its decision was specific to the case at hand and not a general precedent for future cases. en-us Wed, 18 Dec 2013 00:00:00 +0530 Sat, 28 Mar 2015 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242860 The tribunal partly allowed the appeal of the assessee and dismissed the appeal of the Revenue. It held that statements recorded during a survey under Section 133A of the Income Tax Act lack evidentiary value. The valuation of excess stock was deemed inaccurate due to discrepancies in inventory sheets and estimation-based valuation. The tribunal rejected the rejection of books of account and directed adjustments in discount and gross profit rates. A set-off for stock received on approval was allowed. The tribunal emphasized that its decision was specific to the case at hand and not a general precedent for future cases. Case-Laws Income Tax Wed, 18 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242860