https://www.taxtmi.com/caselaws?id=368326 The case involved an appeal by the Assessee against the addition of excess stock amounting to Rs. 58,02,095 under section 69C of the Income Tax Act. The Tribunal remitted the issue back to the Assessing Officer to verify if the excess stock value was already included in the closing stock value to avoid double counting. The appeal was partly allowed based on this consideration, emphasizing the importance of proper documentation and evidence in tax assessments. The judgment clarified the treatment of excess stock and highlighted the significance of accounting practices in determining tax liabilities. en-us Thu, 04 Oct 2018 00:00:00 +0530 Sat, 06 Oct 2018 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368326 The case involved an appeal by the Assessee against the addition of excess stock amounting to Rs. 58,02,095 under section 69C of the Income Tax Act. The Tribunal remitted the issue back to the Assessing Officer to verify if the excess stock value was already included in the closing stock value to avoid double counting. The appeal was partly allowed based on this consideration, emphasizing the importance of proper documentation and evidence in tax assessments. The judgment clarified the treatment of excess stock and highlighted the significance of accounting practices in determining tax liabilities. Case-Laws Income Tax Thu, 04 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368326