https://www.taxtmi.com/caselaws?id=787783 Appellate authority deleted an assessing officer's addition for alleged undervaluation and under-reporting of closing stock after finding the reported quantity shortfall was a typographical error in the tax audit statement and accepting documentary proof of actual manufacture, negating any shortage. The authority further accepted reduced stock valuation due to damage, applying the accounting rule to value inventory at cost or market, whichever is lower. The assessing officer's separate addition for stock variation was held duplicative and based on a misunderstanding of variation's nature. The deletion was sustained and the revenue appeal dismissed. en-us Wed, 18 Feb 2026 00:00:00 +0530 Thu, 12 Mar 2026 08:33:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787783 Appellate authority deleted an assessing officer's addition for alleged undervaluation and under-reporting of closing stock after finding the reported quantity shortfall was a typographical error in the tax audit statement and accepting documentary proof of actual manufacture, negating any shortage. The authority further accepted reduced stock valuation due to damage, applying the accounting rule to value inventory at cost or market, whichever is lower. The assessing officer's separate addition for stock variation was held duplicative and based on a misunderstanding of variation's nature. The deletion was sustained and the revenue appeal dismissed. Case-Laws Income Tax Wed, 18 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787783