https://www.taxtmi.com/caselaws?id=430914 The Tribunal upheld the consistent method of valuation of closing stock by a partnership firm engaged in graphite beneficiation, rejecting the Principal CIT's revision under section 263. The Tribunal found the AO's examination satisfactory, leading to the allowance of the appeal. Additionally, the Tribunal deemed the variation in purchases in the trading account adequately explained by the assessee, with the AO showing satisfaction with the explanation, resulting in the Pr. CIT's revision being deemed meritless. The issue of cash deposits during demonetization was also resolved in favor of the assessee, with the Tribunal finding the AO's thorough examination sufficient and rejecting the Pr. CIT's revision. en-us Mon, 28 Nov 2022 00:00:00 +0530 Thu, 01 Dec 2022 07:44:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430914 The Tribunal upheld the consistent method of valuation of closing stock by a partnership firm engaged in graphite beneficiation, rejecting the Principal CIT's revision under section 263. The Tribunal found the AO's examination satisfactory, leading to the allowance of the appeal. Additionally, the Tribunal deemed the variation in purchases in the trading account adequately explained by the assessee, with the AO showing satisfaction with the explanation, resulting in the Pr. CIT's revision being deemed meritless. The issue of cash deposits during demonetization was also resolved in favor of the assessee, with the Tribunal finding the AO's thorough examination sufficient and rejecting the Pr. CIT's revision. Case-Laws Income Tax Mon, 28 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430914