https://www.taxtmi.com/caselaws?id=403297 The High Court upheld the decisions of the Appellate Authorities, dismissing the Revenue's appeal. The disallowance of advances written off was upheld, with the Court finding no error in allowing the claim. Additionally, the disallowance of the claimed loss of stock by obsolescence was upheld, as the assessee followed accounting standards and provided evidence supporting the stock valuation. Consequently, the appeal was dismissed in favor of the assessee. en-us Tue, 19 Jan 2021 00:00:00 +0530 Sat, 23 Jan 2021 11:43:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403297 The High Court upheld the decisions of the Appellate Authorities, dismissing the Revenue's appeal. The disallowance of advances written off was upheld, with the Court finding no error in allowing the claim. Additionally, the disallowance of the claimed loss of stock by obsolescence was upheld, as the assessee followed accounting standards and provided evidence supporting the stock valuation. Consequently, the appeal was dismissed in favor of the assessee. Case-Laws Income Tax Tue, 19 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403297