https://www.taxtmi.com/caselaws?id=354067 Audited books of account could not be rejected, and an estimated addition could not be sustained, merely because of lower gross profit or fluctuating burning loss when no specific defect, suppression of sales, inflation of purchases, or undisclosed production was shown. Commission payment was remanded for fresh verification because supporting bills and material had not been properly examined and further enquiry was needed. Freight amounts treated as advances or reimbursements did not attract disallowance under section 40A(3) on the facts found. Closing stock was not liable to be reworked where the assessee followed a consistent valuation method, and inclusion of excise duty in finished goods was revenue-neutral. en-us Mon, 15 Jan 2018 00:00:00 +0530 Wed, 17 Jan 2018 12:03:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354067 Audited books of account could not be rejected, and an estimated addition could not be sustained, merely because of lower gross profit or fluctuating burning loss when no specific defect, suppression of sales, inflation of purchases, or undisclosed production was shown. Commission payment was remanded for fresh verification because supporting bills and material had not been properly examined and further enquiry was needed. Freight amounts treated as advances or reimbursements did not attract disallowance under section 40A(3) on the facts found. Closing stock was not liable to be reworked where the assessee followed a consistent valuation method, and inclusion of excise duty in finished goods was revenue-neutral. Case-Laws Income Tax Mon, 15 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354067