https://www.taxtmi.com/caselaws?id=282129 The Appellate Tribunal dismissed the appeal and upheld the decisions of the Commissioner of Income Tax (Appeals) regarding the deletion of addition made by the Assessing Officer under section 37(1) of the Income Tax Act for Keyman Insurance premium and undervaluation of closing stock of shares and bonds. The Tribunal supported the CIT(A)'s reasoning that the expenses were incurred for commercial expediency and that the valuation method used by the appellant was consistent with accounting standards and legal provisions. en-us Tue, 08 Nov 2011 00:00:00 +0530 Tue, 23 Jul 2019 13:10:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282129 The Appellate Tribunal dismissed the appeal and upheld the decisions of the Commissioner of Income Tax (Appeals) regarding the deletion of addition made by the Assessing Officer under section 37(1) of the Income Tax Act for Keyman Insurance premium and undervaluation of closing stock of shares and bonds. The Tribunal supported the CIT(A)'s reasoning that the expenses were incurred for commercial expediency and that the valuation method used by the appellant was consistent with accounting standards and legal provisions. Case-Laws Income Tax Tue, 08 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282129