https://www.taxtmi.com/caselaws?id=447962 Gujarat HC upheld Tribunal's decision restricting disallowance of undervalued closing stock to 25%, despite noting the restriction lacked proper basis. The AO and CIT(A) made findings without supporting evidence, while assessee failed to justify damaged goods valuation. Though Tribunal's 25% restriction was arbitrary, HC declined interference considering the cascading effect on closing stock and the assessment year being 2011-12. No substantial question of law arose. en-us Tue, 28 Nov 2023 00:00:00 +0530 Tue, 09 Jan 2024 08:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447962 Gujarat HC upheld Tribunal's decision restricting disallowance of undervalued closing stock to 25%, despite noting the restriction lacked proper basis. The AO and CIT(A) made findings without supporting evidence, while assessee failed to justify damaged goods valuation. Though Tribunal's 25% restriction was arbitrary, HC declined interference considering the cascading effect on closing stock and the assessment year being 2011-12. No substantial question of law arose. Case-Laws Income Tax Tue, 28 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447962