https://www.taxtmi.com/caselaws?id=370203 The Tribunal upheld the Ld. CIT(A)'s decisions to delete the additions and disallowances made by the AO in the case. The Tribunal agreed that the valuation of closing stock based on net realizable value was appropriate, considering the impact of import duty reduction. Additionally, expenses disallowed for failure to deduct tax at source were found to be for business purposes and appropriately restricted. The deduction of irrecoverable advances was allowed as business-related. The revenue's appeal was dismissed, affirming the Ld. CIT(A)'s orders, with the decision pronounced in open court on 28th September 2018. en-us Fri, 28 Sep 2018 00:00:00 +0530 Tue, 13 Nov 2018 08:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370203 The Tribunal upheld the Ld. CIT(A)'s decisions to delete the additions and disallowances made by the AO in the case. The Tribunal agreed that the valuation of closing stock based on net realizable value was appropriate, considering the impact of import duty reduction. Additionally, expenses disallowed for failure to deduct tax at source were found to be for business purposes and appropriately restricted. The deduction of irrecoverable advances was allowed as business-related. The revenue's appeal was dismissed, affirming the Ld. CIT(A)'s orders, with the decision pronounced in open court on 28th September 2018. Case-Laws Income Tax Fri, 28 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370203