https://www.taxtmi.com/caselaws?id=253330 The ITAT Ahmedabad overturned the addition of &8377; 4,61,305 for the valuation of closing stock, stating the assessee had the freedom to choose a consistent valuation method. The ITAT upheld the Commissioner's decision to verify gunny bag expenses and modify the assessment order accordingly, noting the Assessing Officer's estimated disallowance lacked a show-cause notice. The ITAT partly allowed the appeal, emphasizing the importance of consistent valuation methods and proper verification in expense disallowance. en-us Fri, 12 Sep 2014 00:00:00 +0530 Fri, 21 Nov 2014 12:13:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253330 The ITAT Ahmedabad overturned the addition of &8377; 4,61,305 for the valuation of closing stock, stating the assessee had the freedom to choose a consistent valuation method. The ITAT upheld the Commissioner's decision to verify gunny bag expenses and modify the assessment order accordingly, noting the Assessing Officer's estimated disallowance lacked a show-cause notice. The ITAT partly allowed the appeal, emphasizing the importance of consistent valuation methods and proper verification in expense disallowance. Case-Laws Income Tax Fri, 12 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253330