https://www.taxtmi.com/caselaws?id=247501 The appeal by the revenue challenging the valuation of closing stock and disallowance of purchase amounts for A.Y. 2008-09 was dismissed by the CIT(A). The CIT(A) accepted errors in stock valuation, allowed corrections, and granted the benefit of telescoping to set off against sustained additions, totaling Rs.23,26,514. The reconciliation provided by the assessee was crucial in determining the revised relief amount and ensuring no double taxation. The CIT(A)'s decision emphasized fairness in adjustments and upheld the findings, leading to the dismissal of the revenue's appeal. en-us Wed, 30 Apr 2014 00:00:00 +0530 Wed, 14 May 2014 08:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247501 The appeal by the revenue challenging the valuation of closing stock and disallowance of purchase amounts for A.Y. 2008-09 was dismissed by the CIT(A). The CIT(A) accepted errors in stock valuation, allowed corrections, and granted the benefit of telescoping to set off against sustained additions, totaling Rs.23,26,514. The reconciliation provided by the assessee was crucial in determining the revised relief amount and ensuring no double taxation. The CIT(A)'s decision emphasized fairness in adjustments and upheld the findings, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Wed, 30 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247501