https://www.taxtmi.com/caselaws?id=359417 The Tribunal partially allowed the appeal, directing the Assessing Officer to delete the disallowance of bad debts claimed by the assessee under Section 36(1)(vii) of the Income Tax Act, 1961. Additionally, the AO was instructed to re-evaluate the valuation of closing inventory using the prescribed accounting standards, specifically Accounting Standard-2, and to consider the cost or market rate method for valuation. en-us Thu, 26 Apr 2018 00:00:00 +0530 Mon, 30 Apr 2018 09:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359417 The Tribunal partially allowed the appeal, directing the Assessing Officer to delete the disallowance of bad debts claimed by the assessee under Section 36(1)(vii) of the Income Tax Act, 1961. Additionally, the AO was instructed to re-evaluate the valuation of closing inventory using the prescribed accounting standards, specifically Accounting Standard-2, and to consider the cost or market rate method for valuation. Case-Laws Income Tax Thu, 26 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359417