https://www.taxtmi.com/caselaws?id=359784 Direct import-related expenses such as customs duty and clearing charges must be reflected in closing stock valuation, and the Tribunal upheld the addition where those costs were not shown to have been included. On disallowance under section 40(a)(ia), the Tribunal accepted that the same expenditure should not be disallowed twice in the same year and restored the matter for verification to ensure duplication was avoided. For unexplained cash credits from NRI creditors, the absence of bank statements and other crucial evidence meant that creditworthiness and genuineness remained unproved, so the addition under section 68 was sustained. en-us Wed, 02 May 2018 00:00:00 +0530 Fri, 04 May 2018 17:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359784 Direct import-related expenses such as customs duty and clearing charges must be reflected in closing stock valuation, and the Tribunal upheld the addition where those costs were not shown to have been included. On disallowance under section 40(a)(ia), the Tribunal accepted that the same expenditure should not be disallowed twice in the same year and restored the matter for verification to ensure duplication was avoided. For unexplained cash credits from NRI creditors, the absence of bank statements and other crucial evidence meant that creditworthiness and genuineness remained unproved, so the addition under section 68 was sustained. Case-Laws Income Tax Wed, 02 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359784