https://www.taxtmi.com/caselaws?id=326880 The Tribunal ruled in favor of the assessee on all major issues, overturning the disallowance of manufacturing loss, suppression of valuation of closing stock, and ad-hoc disallowance of office expenses. The Tribunal emphasized consistency in accounting methods, adherence to industry norms, and the need for specific justifications for disallowances. The Revenue's appeals were dismissed, upholding the assessee's methods and claims based on industry norms and past assessments. The Tribunal's decision reinforced the importance of consistency and proper accounting practices, citing precedents to support its judgment. en-us Fri, 18 Mar 2016 00:00:00 +0530 Mon, 25 Apr 2016 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326880 The Tribunal ruled in favor of the assessee on all major issues, overturning the disallowance of manufacturing loss, suppression of valuation of closing stock, and ad-hoc disallowance of office expenses. The Tribunal emphasized consistency in accounting methods, adherence to industry norms, and the need for specific justifications for disallowances. The Revenue's appeals were dismissed, upholding the assessee's methods and claims based on industry norms and past assessments. The Tribunal's decision reinforced the importance of consistency and proper accounting practices, citing precedents to support its judgment. Case-Laws Income Tax Fri, 18 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326880