https://www.taxtmi.com/caselaws?id=358814 The Tribunal partially allowed the appeals for the assessment year 2005-06 and fully for the assessment year 2006-07. It provided relief to the assessee by allowing the deduction of sales promotion expenses disallowed by the AO and deleting the addition under section 41(1) related to a ceased liability. However, the disallowance of audit fees under section 40(a)(ia) was upheld. The Tribunal also quashed the reassessment proceedings for the assessment year 2006-07, ruling that the addition based on the valuation of closing stock as scrap was invalid. en-us Thu, 08 Feb 2018 00:00:00 +0530 Thu, 19 Apr 2018 05:36:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358814 The Tribunal partially allowed the appeals for the assessment year 2005-06 and fully for the assessment year 2006-07. It provided relief to the assessee by allowing the deduction of sales promotion expenses disallowed by the AO and deleting the addition under section 41(1) related to a ceased liability. However, the disallowance of audit fees under section 40(a)(ia) was upheld. The Tribunal also quashed the reassessment proceedings for the assessment year 2006-07, ruling that the addition based on the valuation of closing stock as scrap was invalid. Case-Laws Income Tax Thu, 08 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358814