https://www.taxtmi.com/caselaws?id=271679 The Court dismissed the Revenue's appeal and upheld the decision of the Income Tax Appellate Tribunal to delete the addition made towards the difference in closing stock valuation. It emphasized the importance of respecting valuations accepted by Sales Tax Authorities, stating that the Income Tax Authorities should be bound by such valuations. The Court highlighted that the burden is on the Revenue to prove inaccuracies in stock statements and noted the professional expertise of Sales Tax Authorities in tax collection. The decision favored the Assessee based on legal principles and precedents. en-us Mon, 18 Jan 2016 00:00:00 +0530 Wed, 02 Nov 2016 18:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271679 The Court dismissed the Revenue's appeal and upheld the decision of the Income Tax Appellate Tribunal to delete the addition made towards the difference in closing stock valuation. It emphasized the importance of respecting valuations accepted by Sales Tax Authorities, stating that the Income Tax Authorities should be bound by such valuations. The Court highlighted that the burden is on the Revenue to prove inaccuracies in stock statements and noted the professional expertise of Sales Tax Authorities in tax collection. The decision favored the Assessee based on legal principles and precedents. Case-Laws Income Tax Mon, 18 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271679