https://www.taxtmi.com/caselaws?id=193261 The Tribunal upheld the Assessing Officer's valuation of the closing stock of aluminium using FIFO method. It allowed deductions for building reconstruction cost and rent but disallowed elevator maintenance expenses due to lack of evidence. The disallowance of car expenses and depreciation was reduced from 20% to 10% based on the lack of proof of exclusive business use. The Tribunal dismissed the appeal on the applicability of section 44AF for calculating business profit as the gross turnover exceeded the threshold. en-us Wed, 04 Nov 2015 00:00:00 +0530 Fri, 21 Jul 2017 08:41:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193261 The Tribunal upheld the Assessing Officer's valuation of the closing stock of aluminium using FIFO method. It allowed deductions for building reconstruction cost and rent but disallowed elevator maintenance expenses due to lack of evidence. The disallowance of car expenses and depreciation was reduced from 20% to 10% based on the lack of proof of exclusive business use. The Tribunal dismissed the appeal on the applicability of section 44AF for calculating business profit as the gross turnover exceeded the threshold. Case-Laws Income Tax Wed, 04 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193261