https://www.taxtmi.com/caselaws?id=15450 The Tribunal ruled against the assessee in a case involving the treatment of closing stock in the cash system of accounting for a business scheme. The Tribunal held that the value of gift articles related to subscribers should be deducted from total income, including amounts from incomplete cycles. Additionally, all monies received, regardless of cycle completion, were deemed gross income, with the expenditure on purchasing gift articles considered a legitimate business expense. The Court emphasized the importance of including closing stock in trade for computing true profits, dismissing the assessee's argument and ruling in favor of the Revenue. en-us Thu, 26 Feb 1998 00:00:00 +0530 Thu, 06 Aug 2009 16:21:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15450 The Tribunal ruled against the assessee in a case involving the treatment of closing stock in the cash system of accounting for a business scheme. The Tribunal held that the value of gift articles related to subscribers should be deducted from total income, including amounts from incomplete cycles. Additionally, all monies received, regardless of cycle completion, were deemed gross income, with the expenditure on purchasing gift articles considered a legitimate business expense. The Court emphasized the importance of including closing stock in trade for computing true profits, dismissing the assessee's argument and ruling in favor of the Revenue. Case-Laws Income Tax Thu, 26 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15450