https://www.taxtmi.com/caselaws?id=56380 The Tribunal allowed the appeal for the assessment year 1982-83 for disallowance of salaries to Directors and purchase expenses. The necessity of the expenditure was deemed irrelevant, focusing on commercial considerations. Disallowance of unexplained stocks was partly quashed, directing revaluation and cross-examination. The valuation of closing stock was remanded for reassessment due to lack of opportunity for the assessee. The levy of interest under Section 217 was to be reconsidered in conjunction with other points, including the possibility of interest waiver. en-us Thu, 15 Feb 1990 00:00:00 +0530 Mon, 18 Jul 2016 18:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56380 The Tribunal allowed the appeal for the assessment year 1982-83 for disallowance of salaries to Directors and purchase expenses. The necessity of the expenditure was deemed irrelevant, focusing on commercial considerations. Disallowance of unexplained stocks was partly quashed, directing revaluation and cross-examination. The valuation of closing stock was remanded for reassessment due to lack of opportunity for the assessee. The levy of interest under Section 217 was to be reconsidered in conjunction with other points, including the possibility of interest waiver. Case-Laws Income Tax Thu, 15 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56380