https://www.taxtmi.com/caselaws?id=365369 The Tribunal upheld the deletion of the disallowance under Section 40A(2)(a) of the Income Tax Act, 1961, made by the Commissioner of Income Tax (Appeals) [CIT(A)]. The dispute arose from the different valuation rates used for gold ornaments, with the Tribunal ruling in favor of applying local Jalgaon rates over Bombay Bullion Association rates. The Tribunal criticized the authorities' use of an incorrect average price method and directed the Assessing Officer to consider market conditions for a more accurate assessment. The appeal by the Revenue was dismissed, affirming the CIT(A)'s decision. en-us Wed, 08 Aug 2018 00:00:00 +0530 Thu, 16 Aug 2018 07:49:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365369 The Tribunal upheld the deletion of the disallowance under Section 40A(2)(a) of the Income Tax Act, 1961, made by the Commissioner of Income Tax (Appeals) [CIT(A)]. The dispute arose from the different valuation rates used for gold ornaments, with the Tribunal ruling in favor of applying local Jalgaon rates over Bombay Bullion Association rates. The Tribunal criticized the authorities' use of an incorrect average price method and directed the Assessing Officer to consider market conditions for a more accurate assessment. The appeal by the Revenue was dismissed, affirming the CIT(A)'s decision. Case-Laws Income Tax Wed, 08 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365369