https://www.taxtmi.com/caselaws?id=418123 A rounded or approximate stock figure cannot support an addition for alleged undisclosed business profit where actual book-based inventory valuation, quantitative details, and reconciliation explain the difference, including stock with a sister concern and sales made before the search date. On that basis, the stock-difference addition was deleted. The note also states that education cess and secondary and higher education cess are allowable as business expenditure under section 37(1) when binding precedent supports the claim and no contrary authority is shown, so the deduction was admissible. 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 A rounded or approximate stock figure cannot support an addition for alleged undisclosed business profit where actual book-based inventory valuation, quantitative details, and reconciliation explain the difference, including stock with a sister concern and sales made before the search date. On that basis, the stock-difference addition was deleted. The note also states that education cess and secondary and higher education cess are allowable as business expenditure under section 37(1) when binding precedent supports the claim and no contrary authority is shown, so the deduction was admissible. Case-Laws Income Tax Tue, 30 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418123