https://www.taxtmi.com/caselaws?id=361587 The Tribunal partially allowed the appeal by the assessee, providing relief on the issues of shortage of stock and salary to lady directors, and full relief on the issues of undervaluation of closing stock and depreciation. The Tribunal deleted a portion of the addition related to the shortage of stock, finding the explanation insufficient and noting the lack of proper control measures by the assessee. Additionally, the Tribunal upheld the FIFO method used for valuing closing stock and allowed depreciation on fixed assets that were ready for use, contrary to the AO's disallowance. en-us Wed, 06 Jun 2018 00:00:00 +0530 Sat, 09 Jun 2018 09:27:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361587 The Tribunal partially allowed the appeal by the assessee, providing relief on the issues of shortage of stock and salary to lady directors, and full relief on the issues of undervaluation of closing stock and depreciation. The Tribunal deleted a portion of the addition related to the shortage of stock, finding the explanation insufficient and noting the lack of proper control measures by the assessee. Additionally, the Tribunal upheld the FIFO method used for valuing closing stock and allowed depreciation on fixed assets that were ready for use, contrary to the AO's disallowance. Case-Laws Income Tax Wed, 06 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361587