https://www.taxtmi.com/caselaws?id=411023 The Tribunal allowed the appeal in favor of the assessee on the valuation of closing stock and the alleged contravention of Section 40A(3) by purchasing land in cash. The issue regarding non-increasing of closing stock value by proportionate direct expenses was deemed infructuous. The Tribunal held that the Commissioner of Income Tax's exercise of jurisdiction under Section 263 was not justified as the Assessing Officer's order was found to be neither erroneous nor prejudicial to the interest of the Revenue. The appeal was partly allowed, with the Tribunal issuing the order on 02/08/2021. en-us Mon, 02 Aug 2021 00:00:00 +0530 Mon, 16 Aug 2021 09:13:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411023 The Tribunal allowed the appeal in favor of the assessee on the valuation of closing stock and the alleged contravention of Section 40A(3) by purchasing land in cash. The issue regarding non-increasing of closing stock value by proportionate direct expenses was deemed infructuous. The Tribunal held that the Commissioner of Income Tax's exercise of jurisdiction under Section 263 was not justified as the Assessing Officer's order was found to be neither erroneous nor prejudicial to the interest of the Revenue. The appeal was partly allowed, with the Tribunal issuing the order on 02/08/2021. Case-Laws Income Tax Mon, 02 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411023