https://www.taxtmi.com/caselaws?id=388788 The Tribunal partly allowed the appeal of the assessee, restricting the profit on the closing stock to Rs. 12,13,161, emphasizing the need for proper substantiation and cooperation during assessment proceedings. The orders of the Commissioner of Income Tax (Appeals) and the Assessing Officer were deemed illegal and unjustified, leading to their quashing for the assessment year 2015-2016. The Tribunal highlighted the importance of following prescribed methods for profit calculation and providing necessary documentation for closing stock valuation. en-us Wed, 11 Sep 2019 00:00:00 +0530 Sat, 23 Nov 2019 09:54:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388788 The Tribunal partly allowed the appeal of the assessee, restricting the profit on the closing stock to Rs. 12,13,161, emphasizing the need for proper substantiation and cooperation during assessment proceedings. The orders of the Commissioner of Income Tax (Appeals) and the Assessing Officer were deemed illegal and unjustified, leading to their quashing for the assessment year 2015-2016. The Tribunal highlighted the importance of following prescribed methods for profit calculation and providing necessary documentation for closing stock valuation. Case-Laws Income Tax Wed, 11 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388788