https://www.taxtmi.com/caselaws?id=181601 The ITAT partly allowed the appellant's appeal, deleting the disallowance of foreign travel expenses but confirming the disallowance of 10% of telephone expenses. The rejection of book result was challenged, leading to the deletion of the addition to trading result but sustaining the addition to closing stock valuation. The ITAT upheld the AO's valuation of the closing stock, directing it to be considered as the opening stock of the next year. en-us Fri, 10 Jun 2011 00:00:00 +0530 Wed, 20 Apr 2016 15:15:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181601 The ITAT partly allowed the appellant's appeal, deleting the disallowance of foreign travel expenses but confirming the disallowance of 10% of telephone expenses. The rejection of book result was challenged, leading to the deletion of the addition to trading result but sustaining the addition to closing stock valuation. The ITAT upheld the AO's valuation of the closing stock, directing it to be considered as the opening stock of the next year. Case-Laws Income Tax Fri, 10 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181601