https://www.taxtmi.com/caselaws?id=401588 The Tribunal allowed the appeal partly, directing assessment based on the revised return, accepting loose tools as inventories, and remitting the issue of sundry purchases for further examination. The Assessing Officer cannot consider unaudited income over audited income, and loose tools should be valued using the reducing balance method. The issue of sundry purchases was remitted for reconsideration to determine if the expenditure is revenue or capital, with both main and additional grounds allowed for statistical purposes. en-us Fri, 11 Sep 2020 00:00:00 +0530 Fri, 11 Dec 2020 15:23:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401588 The Tribunal allowed the appeal partly, directing assessment based on the revised return, accepting loose tools as inventories, and remitting the issue of sundry purchases for further examination. The Assessing Officer cannot consider unaudited income over audited income, and loose tools should be valued using the reducing balance method. The issue of sundry purchases was remitted for reconsideration to determine if the expenditure is revenue or capital, with both main and additional grounds allowed for statistical purposes. Case-Laws Income Tax Fri, 11 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401588