https://www.taxtmi.com/caselaws?id=777588 ITAT upheld the valuation method of inventory as net realizable value based on consistent ageing adjustments, found the surveyors' totalling error of Rs.10,66,150 and accepted calculation mistakes, and dismissed the revenue's appeal against the assessee on valuation grounds. The Tribunal directed deletion of the addition relating to excess stock (noting quantitative records and error margin under 1%) and deleted lump-sum disallowances under sections 37(1)/38(2) for travelling, repairs and similar expenses, holding that recorded expenses supported by vouchers and employee welfare treatment were allowable. en-us Thu, 09 Jan 2025 00:00:00 +0530 Tue, 02 Sep 2025 08:01:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777588 ITAT upheld the valuation method of inventory as net realizable value based on consistent ageing adjustments, found the surveyors' totalling error of Rs.10,66,150 and accepted calculation mistakes, and dismissed the revenue's appeal against the assessee on valuation grounds. The Tribunal directed deletion of the addition relating to excess stock (noting quantitative records and error margin under 1%) and deleted lump-sum disallowances under sections 37(1)/38(2) for travelling, repairs and similar expenses, holding that recorded expenses supported by vouchers and employee welfare treatment were allowable. Case-Laws Income Tax Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777588