https://www.taxtmi.com/caselaws?id=264239 Stock valuation must be based on a consistent and justified method reflecting realizable value; on the facts, the year-end reduction method was inconsistent and the addition was upheld. Lease commitment charges and related donations were not shown to be wholly and exclusively for business and were treated as non-deductible. In search assessments, stock discrepancy and unrecorded sales were sustained on the basis of search admissions and physical inventory, while unexplained cash required recomputation after credit for opening balance and the jewellery issue failed on the material. Renovation and interior expenditure in leased premises was remanded to determine whether it was revenue or capital. In completed assessments under section 153A, additions could not be made without incriminating material found in search. en-us Fri, 28 Aug 2015 00:00:00 +0530 Mon, 21 Sep 2015 10:54:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264239 Stock valuation must be based on a consistent and justified method reflecting realizable value; on the facts, the year-end reduction method was inconsistent and the addition was upheld. Lease commitment charges and related donations were not shown to be wholly and exclusively for business and were treated as non-deductible. In search assessments, stock discrepancy and unrecorded sales were sustained on the basis of search admissions and physical inventory, while unexplained cash required recomputation after credit for opening balance and the jewellery issue failed on the material. Renovation and interior expenditure in leased premises was remanded to determine whether it was revenue or capital. In completed assessments under section 153A, additions could not be made without incriminating material found in search. Case-Laws Income Tax Fri, 28 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264239