https://www.taxtmi.com/caselaws?id=244613 The Income Tax Appellate Tribunal (ITAT) partially allowed the appeal of an assessee-company regarding disallowance of transport expenses and valuation of closing stock. The ITAT directed the Assessing Officer (AO) to re-examine the disallowed transport expenses issue with fresh evidence as the appellant had provided a Xerox copy of the TDS certificate. Additionally, the ITAT ruled in favor of the appellant on the valuation of closing stock, noting the discrepancy in valuation rates and supporting the appellant's use of the FIFO method. The First Appeal Authority's decision was reversed, and the ITAT instructed a re-evaluation of both issues. en-us Wed, 26 Feb 2014 00:00:00 +0530 Mon, 03 Mar 2014 09:19:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244613 The Income Tax Appellate Tribunal (ITAT) partially allowed the appeal of an assessee-company regarding disallowance of transport expenses and valuation of closing stock. The ITAT directed the Assessing Officer (AO) to re-examine the disallowed transport expenses issue with fresh evidence as the appellant had provided a Xerox copy of the TDS certificate. Additionally, the ITAT ruled in favor of the appellant on the valuation of closing stock, noting the discrepancy in valuation rates and supporting the appellant's use of the FIFO method. The First Appeal Authority's decision was reversed, and the ITAT instructed a re-evaluation of both issues. Case-Laws Income Tax Wed, 26 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244613