https://www.taxtmi.com/caselaws?id=792132 Delay in filing an appeal may be condoned on a liberal, justice-oriented assessment where sufficient cause is shown by business closure, lack of resources and subsequent attempts to revive operations; the appeal was admitted. Diminution in inventory value is allowable as a business deduction when closing stock is consistently valued on a scientific basis under the lower of cost or net realisable value principle in line with the accounting standard and settled precedent; the disallowance was deleted. Unconfirmed trade creditors cannot be treated as bogus merely because notices remain unanswered, where the books, bills and transactions are duly recorded and no independent adverse material disproves them; the addition was deleted. en-us Mon, 18 May 2026 00:00:00 +0530 Sat, 23 May 2026 08:27:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792132 Delay in filing an appeal may be condoned on a liberal, justice-oriented assessment where sufficient cause is shown by business closure, lack of resources and subsequent attempts to revive operations; the appeal was admitted. Diminution in inventory value is allowable as a business deduction when closing stock is consistently valued on a scientific basis under the lower of cost or net realisable value principle in line with the accounting standard and settled precedent; the disallowance was deleted. Unconfirmed trade creditors cannot be treated as bogus merely because notices remain unanswered, where the books, bills and transactions are duly recorded and no independent adverse material disproves them; the addition was deleted. Case-Laws Income Tax Mon, 18 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792132