https://www.taxtmi.com/caselaws?id=280304 The Tribunal allowed the assessee's appeal, directing modifications to the assessment order in favor of the assessee. Regarding the disallowance of expenses, the Tribunal held that the business was temporarily suspended but not abandoned, allowing the expenses as business deductions. In the valuation of closing stock, the Tribunal accepted the reduced value based on the consistent accounting method followed by the assessee, deleting the addition made by the AO. en-us Fri, 20 Aug 2010 00:00:00 +0530 Tue, 30 Apr 2019 11:13:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280304 The Tribunal allowed the assessee's appeal, directing modifications to the assessment order in favor of the assessee. Regarding the disallowance of expenses, the Tribunal held that the business was temporarily suspended but not abandoned, allowing the expenses as business deductions. In the valuation of closing stock, the Tribunal accepted the reduced value based on the consistent accounting method followed by the assessee, deleting the addition made by the AO. Case-Laws Income Tax Fri, 20 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280304