https://www.taxtmi.com/caselaws?id=401787 The Tribunal partly allowed the appeal, upholding additions and disallowances based on various issues. The Tribunal upheld the addition of income related to the diversion of income to family members, citing suspicious transactions. However, it directed the deletion of the addition concerning the valuation of closing stock, disagreeing with the AO's valuation method. The Tribunal also reduced the ad-hoc disallowance of expenses to 5% and deleted the addition based on the estimated gross profit, considering the business growth. Additionally, it instructed the AO to delete the charged interest on interest-free advances to family members. en-us Thu, 17 Sep 2020 00:00:00 +0530 Wed, 16 Dec 2020 09:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401787 The Tribunal partly allowed the appeal, upholding additions and disallowances based on various issues. The Tribunal upheld the addition of income related to the diversion of income to family members, citing suspicious transactions. However, it directed the deletion of the addition concerning the valuation of closing stock, disagreeing with the AO's valuation method. The Tribunal also reduced the ad-hoc disallowance of expenses to 5% and deleted the addition based on the estimated gross profit, considering the business growth. Additionally, it instructed the AO to delete the charged interest on interest-free advances to family members. Case-Laws Income Tax Thu, 17 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401787