https://www.taxtmi.com/caselaws?id=339753 The High Court upheld the Tribunal's decision, ruling in favor of the assessee. The Tribunal was justified in deleting the addition made by the Assessing Officer concerning the valuation of closing stock of sugar. The Court found the valuation at the levy sugar price appropriate due to the legal obligation on the assessee to supply levy sugar. Additionally, the non-production of the stock register did not impact the accuracy of the total sugar stock figures, which were accepted as correct. The Revenue's appeal was dismissed, and the questions of law were decided in favor of the assessee. en-us Fri, 03 Mar 2017 00:00:00 +0530 Mon, 29 May 2017 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339753 The High Court upheld the Tribunal's decision, ruling in favor of the assessee. The Tribunal was justified in deleting the addition made by the Assessing Officer concerning the valuation of closing stock of sugar. The Court found the valuation at the levy sugar price appropriate due to the legal obligation on the assessee to supply levy sugar. Additionally, the non-production of the stock register did not impact the accuracy of the total sugar stock figures, which were accepted as correct. The Revenue's appeal was dismissed, and the questions of law were decided in favor of the assessee. Case-Laws Income Tax Fri, 03 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339753