https://www.taxtmi.com/caselaws?id=270581 The High Court upheld the decisions of the lower authorities regarding the valuation of closing stocks, affirming that they should be valued at the lower of cost price or market rate. Additionally, the addition of undisclosed income amounting to &8377; 34,675 due to unexplained excess stocks was upheld as the assessee failed to provide satisfactory explanations. The court ruled in favor of the revenue, confirming the additions made by the Income Tax officer and Commissioner of Income-tax (Appeals) in both instances. en-us Mon, 04 Jan 2016 00:00:00 +0530 Sun, 10 Jan 2016 21:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270581 The High Court upheld the decisions of the lower authorities regarding the valuation of closing stocks, affirming that they should be valued at the lower of cost price or market rate. Additionally, the addition of undisclosed income amounting to &8377; 34,675 due to unexplained excess stocks was upheld as the assessee failed to provide satisfactory explanations. The court ruled in favor of the revenue, confirming the additions made by the Income Tax officer and Commissioner of Income-tax (Appeals) in both instances. Case-Laws Income Tax Mon, 04 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270581