https://www.taxtmi.com/caselaws?id=418123 Inventory-difference additions cannot rest on rounded or approximate stock figures where actual book-based valuation, quantitative details and reconciliation explain the difference, including stock held by a sister concern and pre-search sales; no further undisclosed business profit addition remained sustainable. Education cess and secondary and higher education cess qualify as deductible business expenditure under section 37(1) where binding precedent recognises their allowability and no contrary binding authority applies. The disputed inventory addition and cess disallowance were therefore set aside. en-us Tue, 30 Nov 2021 00:00:00 +0530 Wed, 09 Feb 2022 05:44:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418123 Inventory-difference additions cannot rest on rounded or approximate stock figures where actual book-based valuation, quantitative details and reconciliation explain the difference, including stock held by a sister concern and pre-search sales; no further undisclosed business profit addition remained sustainable. Education cess and secondary and higher education cess qualify as deductible business expenditure under section 37(1) where binding precedent recognises their allowability and no contrary binding authority applies. The disputed inventory addition and cess disallowance were therefore set aside. Case-Laws Income Tax Tue, 30 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418123