https://www.taxtmi.com/caselaws?id=190163 The Tribunal upheld the CIT(A)'s decision to delete the addition for undervaluation of closing stock, citing the assessee's consistent use of the FIFO method and providing evidence to support their valuation. The Tribunal found no need to interfere as the method did not result in profit underestimation. However, the Tribunal directed a re-examination of the disallowed commission expenses, instructing the assessee to provide evidence of services rendered to justify the payments, with the AO instructed to proceed reasonably. The appeals were partly allowed, with the commission expenses issue remanded back to the AO for further examination. en-us Tue, 18 Oct 2016 00:00:00 +0530 Wed, 08 Feb 2017 09:40:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190163 The Tribunal upheld the CIT(A)'s decision to delete the addition for undervaluation of closing stock, citing the assessee's consistent use of the FIFO method and providing evidence to support their valuation. The Tribunal found no need to interfere as the method did not result in profit underestimation. However, the Tribunal directed a re-examination of the disallowed commission expenses, instructing the assessee to provide evidence of services rendered to justify the payments, with the AO instructed to proceed reasonably. The appeals were partly allowed, with the commission expenses issue remanded back to the AO for further examination. Case-Laws Income Tax Tue, 18 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190163