https://www.taxtmi.com/caselaws?id=434452 The Tribunal upheld the CIT(A)'s decisions to delete the additions made by the AO towards undisclosed investment in stock of brass vessels and utensils under Section 69 of the Income Tax Act and towards undervaluation of closing stock of gold and jewellery division. The Tribunal found that the assessee had already accounted for the additional income in the financial statements and had consistently used the weighted average cost method for stock valuation, rejecting the AO's methods as not in line with accepted accounting practices. en-us Wed, 22 Feb 2023 00:00:00 +0530 Fri, 24 Feb 2023 09:07:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434452 The Tribunal upheld the CIT(A)'s decisions to delete the additions made by the AO towards undisclosed investment in stock of brass vessels and utensils under Section 69 of the Income Tax Act and towards undervaluation of closing stock of gold and jewellery division. The Tribunal found that the assessee had already accounted for the additional income in the financial statements and had consistently used the weighted average cost method for stock valuation, rejecting the AO's methods as not in line with accepted accounting practices. Case-Laws Income Tax Wed, 22 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434452