https://www.taxtmi.com/caselaws?id=249783 The Tribunal partly allowed both the Revenue's and the Assessee's appeals. It upheld the disallowance of labour charges at a reduced rate, adjusted the valuation of closing stock of diamonds, and partially allowed the under valuation of rough diamonds. The Tribunal confirmed the rejection of books of accounts due to discrepancies and incomplete information. It also upheld the disallowance of labour expenses for job work but directed the AO to recompute at a lower rate. The Tribunal stressed the significance of maintaining accurate records to support claims. en-us Mon, 30 Jun 2014 00:00:00 +0530 Wed, 23 Jul 2014 11:09:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249783 The Tribunal partly allowed both the Revenue's and the Assessee's appeals. It upheld the disallowance of labour charges at a reduced rate, adjusted the valuation of closing stock of diamonds, and partially allowed the under valuation of rough diamonds. The Tribunal confirmed the rejection of books of accounts due to discrepancies and incomplete information. It also upheld the disallowance of labour expenses for job work but directed the AO to recompute at a lower rate. The Tribunal stressed the significance of maintaining accurate records to support claims. Case-Laws Income Tax Mon, 30 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249783