https://www.taxtmi.com/caselaws?id=175684 The Revenue's appeal was dismissed as the disallowance was made before filing the income tax return. The addition made under section 2(22)(e) was deleted by the CIT(A) as the assessee was only the beneficial owner, not the registered owner of shares. The acceptance of additional evidence was found to be in violation of Rule 46A of the Income Tax Rules. The addition on account of undervaluation of closing stock was rightly deleted by the CIT(A) as it followed Accounting Standard AS-2. The Revenue's appeal was dismissed on all grounds, and the cross objection was withdrawn by the assessee. en-us Wed, 22 Dec 2010 00:00:00 +0530 Tue, 17 May 2016 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175684 The Revenue's appeal was dismissed as the disallowance was made before filing the income tax return. The addition made under section 2(22)(e) was deleted by the CIT(A) as the assessee was only the beneficial owner, not the registered owner of shares. The acceptance of additional evidence was found to be in violation of Rule 46A of the Income Tax Rules. The addition on account of undervaluation of closing stock was rightly deleted by the CIT(A) as it followed Accounting Standard AS-2. The Revenue's appeal was dismissed on all grounds, and the cross objection was withdrawn by the assessee. Case-Laws Income Tax Wed, 22 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175684