https://www.taxtmi.com/highlights?id=97614 Undervaluation of closing stock was addressed by accepting contemporaneous excise records and purchase ledgers as displacing the Assessing Officer's arithmetic shortfall, the typographical repetition in Form 3CD being found non-determinative; consequence: quantity-based addition deleted. Valuation was held consistent with the accounting principle of lower of cost or net realisable value where the assessee proved stock damage from heavy rains, and the reduced market valuation was accepted; consequence: value-based addition deleted. The AO's separate addition for 'variation in stock' after valuing closing stock was treated as impermissible double addition and deleted; Revenue's appeal dismissed. en-us Thu, 12 Mar 2026 08:33:50 +0530 Thu, 12 Mar 2026 08:33:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=97614 Undervaluation of closing stock was addressed by accepting contemporaneous excise records and purchase ledgers as displacing the Assessing Officer's arithmetic shortfall, the typographical repetition in Form 3CD being found non-determinative; consequence: quantity-based addition deleted. Valuation was held consistent with the accounting principle of lower of cost or net realisable value where the assessee proved stock damage from heavy rains, and the reduced market valuation was accepted; consequence: value-based addition deleted. The AO's separate addition for 'variation in stock' after valuing closing stock was treated as impermissible double addition and deleted; Revenue's appeal dismissed. Highlights Income Tax Thu, 12 Mar 2026 08:33:50 +0530 https://www.taxtmi.com/highlights?id=97614