https://www.taxtmi.com/caselaws?id=283936 The Tribunal dismissed the departmental appeal and partly allowed the assessee's appeal. It upheld the deletion of additions concerning interest expenses, storage charges, and unexplained credit. Additionally, it deleted the addition related to the valuation of closing stock. The Tribunal found that the liabilities for interest and storage charges crystallized during the relevant assessment year, the interest expenses were incurred for business purposes, the valuation of closing stock was supported by evidence, and the unexplained credit was adequately explained by the assessee. en-us Wed, 16 Sep 2015 00:00:00 +0530 Tue, 22 Oct 2019 07:31:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283936 The Tribunal dismissed the departmental appeal and partly allowed the assessee's appeal. It upheld the deletion of additions concerning interest expenses, storage charges, and unexplained credit. Additionally, it deleted the addition related to the valuation of closing stock. The Tribunal found that the liabilities for interest and storage charges crystallized during the relevant assessment year, the interest expenses were incurred for business purposes, the valuation of closing stock was supported by evidence, and the unexplained credit was adequately explained by the assessee. Case-Laws Income Tax Wed, 16 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283936