https://www.taxtmi.com/caselaws?id=410006 The appeal challenging the addition to the Assessee's total income due to disallowed loss claimed in stock valuation for the Assessment Year 2009-2010 was dismissed. The court upheld the authorities' findings that the Appellant failed to adequately explain the cost-price disparity and provide sufficient evidence to support their claims. Emphasizing the duty of the Assessing Officer to determine taxable income correctly, the court highlighted the insufficiency of the Appellant's reliance on accounting principles without substantial evidence. The lack of clarity in the raised question and the absence of evidence to justify the price variation led to the dismissal of the appeal without costs. en-us Mon, 19 Jul 2021 00:00:00 +0530 Mon, 10 Oct 2022 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410006 The appeal challenging the addition to the Assessee's total income due to disallowed loss claimed in stock valuation for the Assessment Year 2009-2010 was dismissed. The court upheld the authorities' findings that the Appellant failed to adequately explain the cost-price disparity and provide sufficient evidence to support their claims. Emphasizing the duty of the Assessing Officer to determine taxable income correctly, the court highlighted the insufficiency of the Appellant's reliance on accounting principles without substantial evidence. The lack of clarity in the raised question and the absence of evidence to justify the price variation led to the dismissal of the appeal without costs. Case-Laws Income Tax Mon, 19 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410006