https://www.taxtmi.com/caselaws?id=351678 The Court dismissed the revenue's appeal against the Income Tax Appellate Tribunal's order, which directed the Assessing Officer to adjust not only the closing stock but also opening stock, purchases, and sales with Excise Duty paid. The Tribunal's decision, supported by legal precedents and CBDT Circular No. 772, was found to be in accordance with the law. The Court emphasized adherence to Section 145A provisions and CBDT circulars in income computation and stock valuation disputes, ultimately declining admission of the appeal and dismissing all connected appeals due to the absence of substantial legal questions. en-us Tue, 21 Nov 2017 00:00:00 +0530 Wed, 29 Nov 2017 07:45:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351678 The Court dismissed the revenue's appeal against the Income Tax Appellate Tribunal's order, which directed the Assessing Officer to adjust not only the closing stock but also opening stock, purchases, and sales with Excise Duty paid. The Tribunal's decision, supported by legal precedents and CBDT Circular No. 772, was found to be in accordance with the law. The Court emphasized adherence to Section 145A provisions and CBDT circulars in income computation and stock valuation disputes, ultimately declining admission of the appeal and dismissing all connected appeals due to the absence of substantial legal questions. Case-Laws Income Tax Tue, 21 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351678