https://www.taxtmi.com/caselaws?id=277786 The Tribunal allowed the appeals for the assessment years 2002-03 and 2003-04, partially allowing the appeal for 2004-05. It upheld the validity of the LIFO method for valuing closing stock, emphasizing the appellant's consistent use and adherence to accounting principles. The Tribunal deemed the trading additions based on estimating gross profit at a flat rate unjustified and deleted them. It restricted the addition for making charges for gold ornaments to a specific amount, considering the evidence presented. The Tribunal rejected the appellant's appeal regarding alleged purchases from partners for 2004-05. en-us Fri, 01 Jan 2010 00:00:00 +0530 Mon, 24 Dec 2018 15:20:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277786 The Tribunal allowed the appeals for the assessment years 2002-03 and 2003-04, partially allowing the appeal for 2004-05. It upheld the validity of the LIFO method for valuing closing stock, emphasizing the appellant's consistent use and adherence to accounting principles. The Tribunal deemed the trading additions based on estimating gross profit at a flat rate unjustified and deleted them. It restricted the addition for making charges for gold ornaments to a specific amount, considering the evidence presented. The Tribunal rejected the appellant's appeal regarding alleged purchases from partners for 2004-05. Case-Laws Income Tax Fri, 01 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277786