https://www.taxtmi.com/caselaws?id=795083 Estimated stock statements furnished to banks cannot alone establish closing stock for tax purposes where the books are not defective, the valuation method is consistently followed, and differences are reconciled. Related-party expenditure disallowance requires proof that payment was made to a specified related party and was excessive or unreasonable; interest on unpaid purchase price did not meet those conditions. Keyman Insurance expenditure is allowable where the policy benefits the assessee company rather than individual directors. The article states that the disputed additions were deleted on concurrent findings, with no substantial question of law arising. en-us Wed, 08 Jul 2026 00:00:00 +0530 Thu, 16 Jul 2026 09:07:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795083 Estimated stock statements furnished to banks cannot alone establish closing stock for tax purposes where the books are not defective, the valuation method is consistently followed, and differences are reconciled. Related-party expenditure disallowance requires proof that payment was made to a specified related party and was excessive or unreasonable; interest on unpaid purchase price did not meet those conditions. Keyman Insurance expenditure is allowable where the policy benefits the assessee company rather than individual directors. The article states that the disputed additions were deleted on concurrent findings, with no substantial question of law arising. Case-Laws Income Tax Wed, 08 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795083