https://www.taxtmi.com/caselaws?id=55264 The Tribunal partly allowed the appeal, ruling in favor of the assessee regarding the under-valuation of closing stock and the inclusion of Excise Duty in turnover. The Tribunal disagreed with the Assessing Officer and Commissioner (Appeals) on these issues. However, the disallowance of Foreign Travel expenses was upheld by the Tribunal based on the capital nature of the expenditure for acquiring fixed assets. en-us Thu, 25 Feb 1999 00:00:00 +0530 Thu, 25 Nov 2010 09:45:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55264 The Tribunal partly allowed the appeal, ruling in favor of the assessee regarding the under-valuation of closing stock and the inclusion of Excise Duty in turnover. The Tribunal disagreed with the Assessing Officer and Commissioner (Appeals) on these issues. However, the disallowance of Foreign Travel expenses was upheld by the Tribunal based on the capital nature of the expenditure for acquiring fixed assets. Case-Laws Income Tax Thu, 25 Feb 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55264