https://www.taxtmi.com/caselaws?id=795083 Additions for under-valuation of closing stock cannot rest solely on bank stock statements where the books remain unchallenged, the valuation method is consistently followed, and the difference is reconciled; estimated or inflated hypothecated-stock statements require independent corroboration. Interest on unpaid purchase price is not disallowable under related-party expenditure rules without proof that it was paid to a specified related party and was excessive or unreasonable relative to business needs or benefit. Keyman Insurance premiums are allowable business expenditure where the company, rather than individual directors, is the policy beneficiary. No substantial question of law arose from the concurrent findings deleting the additions. 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 Additions for under-valuation of closing stock cannot rest solely on bank stock statements where the books remain unchallenged, the valuation method is consistently followed, and the difference is reconciled; estimated or inflated hypothecated-stock statements require independent corroboration. Interest on unpaid purchase price is not disallowable under related-party expenditure rules without proof that it was paid to a specified related party and was excessive or unreasonable relative to business needs or benefit. Keyman Insurance premiums are allowable business expenditure where the company, rather than individual directors, is the policy beneficiary. No substantial question of law arose from the concurrent findings deleting the additions. Case-Laws Income Tax Wed, 08 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795083