https://www.taxtmi.com/caselaws?id=303452 The Tribunal upheld the lower valuation of closing stock by Rs. 1,68,71,980, emphasizing the need for consistency in accounting methods. The exclusion of contract receipts from income was rejected. Depreciation on certain expenditures was limited to 10% as they were deemed to have a longer life span. Expenditure on repairs at employees' residence was disallowed for lack of proof of business necessity. Deduction for interest accrued but not due was disallowed as per Section 43B(d). Interest on excess levy sugar price was disallowed due to the contingent nature of the liability. Provision for bad and doubtful debts was dismissed. Disallowance of entertainment expenditure was partially upheld. The appeal was dismissed, affirming the CIT(A)'s decisions. en-us Sat, 05 Jul 2003 00:00:00 +0530 Mon, 25 Jul 2022 10:18:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303452 The Tribunal upheld the lower valuation of closing stock by Rs. 1,68,71,980, emphasizing the need for consistency in accounting methods. The exclusion of contract receipts from income was rejected. Depreciation on certain expenditures was limited to 10% as they were deemed to have a longer life span. Expenditure on repairs at employees' residence was disallowed for lack of proof of business necessity. Deduction for interest accrued but not due was disallowed as per Section 43B(d). Interest on excess levy sugar price was disallowed due to the contingent nature of the liability. Provision for bad and doubtful debts was dismissed. Disallowance of entertainment expenditure was partially upheld. The appeal was dismissed, affirming the CIT(A)'s decisions. Case-Laws Income Tax Sat, 05 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303452