https://www.taxtmi.com/caselaws?id=394324 The Tribunal upheld the addition of Rs. 18,27,346 for excess stock valuation due to lack of explanation from the assessee. However, the addition of Rs. 2,01,008 for estimated profit from the sale of excess stock was deleted as speculative. The disallowance of Rs. 44,558 for telephone expenses was partially upheld due to insufficient proof of business-related usage. The Tribunal stressed the necessity of supporting evidence in tax assessments, resulting in the partial allowance of the appeal. en-us Wed, 18 Mar 2020 00:00:00 +0530 Wed, 08 Apr 2020 18:49:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394324 The Tribunal upheld the addition of Rs. 18,27,346 for excess stock valuation due to lack of explanation from the assessee. However, the addition of Rs. 2,01,008 for estimated profit from the sale of excess stock was deleted as speculative. The disallowance of Rs. 44,558 for telephone expenses was partially upheld due to insufficient proof of business-related usage. The Tribunal stressed the necessity of supporting evidence in tax assessments, resulting in the partial allowance of the appeal. Case-Laws Income Tax Wed, 18 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394324