https://www.taxtmi.com/caselaws?id=191842 The Appellate Tribunal upheld the revised valuation of inventory items at Rs. 37.96 per meter, determined by the Ld. Commissioner of Income Tax (Appeals) in a case involving a survey operation under section 133A of the IT Act. The Tribunal dismissed cross appeals by the assessee and the Revenue, emphasizing the necessity of making an estimate due to discrepancies in inventory records and failure to promptly reconcile differences. The decision aimed to reconcile conflicting valuations, highlighting the importance of reasonable estimation in the absence of definitive evidence. The order was issued on 31/03/2011. en-us Thu, 31 Mar 2011 00:00:00 +0530 Wed, 26 Apr 2017 18:17:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191842 The Appellate Tribunal upheld the revised valuation of inventory items at Rs. 37.96 per meter, determined by the Ld. Commissioner of Income Tax (Appeals) in a case involving a survey operation under section 133A of the IT Act. The Tribunal dismissed cross appeals by the assessee and the Revenue, emphasizing the necessity of making an estimate due to discrepancies in inventory records and failure to promptly reconcile differences. The decision aimed to reconcile conflicting valuations, highlighting the importance of reasonable estimation in the absence of definitive evidence. The order was issued on 31/03/2011. Case-Laws Income Tax Thu, 31 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191842