https://www.taxtmi.com/caselaws?id=442987 The Tribunal condoned the delay in filing the appeal for AY 2017-18, citing reasons such as closure of the unit and death of a partner. The Tribunal emphasized a liberal interpretation of "sufficient cause" and admitted the appeal for hearing. Regarding the re-estimation of addition to the value of closing stock without rejecting the books of accounts, the Tribunal upheld the CIT(A)'s decision to reduce the addition based on correct valuation methodology, accounting standards, and principles. Consequently, the appeal filed by the assessee was dismissed. en-us Mon, 11 Sep 2023 00:00:00 +0530 Thu, 14 Sep 2023 09:02:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442987 The Tribunal condoned the delay in filing the appeal for AY 2017-18, citing reasons such as closure of the unit and death of a partner. The Tribunal emphasized a liberal interpretation of "sufficient cause" and admitted the appeal for hearing. Regarding the re-estimation of addition to the value of closing stock without rejecting the books of accounts, the Tribunal upheld the CIT(A)'s decision to reduce the addition based on correct valuation methodology, accounting standards, and principles. Consequently, the appeal filed by the assessee was dismissed. Case-Laws Income Tax Mon, 11 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442987