https://www.taxtmi.com/caselaws?id=395829 Opening and closing stock additions were deleted because the opening stock could not be disturbed in isolation, the earlier year's closing stock had not been revised, and the inventory valuation was supported by books and the cost-or-net-realisable-value principle. The alleged undervaluation of yarn stock was also rejected because no defect in stock records or year-end valuation was shown. In contrast, the addition linked to sales return was upheld since the assessee failed to prove that the returned goods were entered in the stock register. The disallowance for shortage of stock was likewise sustained for want of supporting evidence. The assessee obtained partial relief only on stock valuation issues. en-us Mon, 01 Jun 2020 00:00:00 +0530 Wed, 06 Nov 2024 11:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395829 Opening and closing stock additions were deleted because the opening stock could not be disturbed in isolation, the earlier year's closing stock had not been revised, and the inventory valuation was supported by books and the cost-or-net-realisable-value principle. The alleged undervaluation of yarn stock was also rejected because no defect in stock records or year-end valuation was shown. In contrast, the addition linked to sales return was upheld since the assessee failed to prove that the returned goods were entered in the stock register. The disallowance for shortage of stock was likewise sustained for want of supporting evidence. The assessee obtained partial relief only on stock valuation issues. Case-Laws Income Tax Mon, 01 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395829