https://www.taxtmi.com/caselaws?id=332120 The Tribunal upheld the CIT(A)'s decision to delete the addition for undervaluation of closing stock, as the closing stock shown was accurate. The additions for unaccounted sale and purchases were not sustained due to a typographical error in the tax audit report. The disallowance of cash payments to sister concerns and legal and professional charges was confirmed, as explanations provided were unsatisfactory. The disallowance of various expenses was justified due to lack of proper records. Both the revenue's appeal and the assessee's cross objection were dismissed by the Tribunal on 27th July 2016. en-us Wed, 27 Jul 2016 00:00:00 +0530 Sun, 11 Sep 2016 14:38:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332120 The Tribunal upheld the CIT(A)'s decision to delete the addition for undervaluation of closing stock, as the closing stock shown was accurate. The additions for unaccounted sale and purchases were not sustained due to a typographical error in the tax audit report. The disallowance of cash payments to sister concerns and legal and professional charges was confirmed, as explanations provided were unsatisfactory. The disallowance of various expenses was justified due to lack of proper records. Both the revenue's appeal and the assessee's cross objection were dismissed by the Tribunal on 27th July 2016. Case-Laws Income Tax Wed, 27 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332120