https://www.taxtmi.com/caselaws?id=56906 The Tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decisions on both issues. The assessee's method of valuation of closing stock was deemed consistent, and the addition made by the Income Tax Officer was deleted. Additionally, the assessee was considered a company in which the public are substantially interested, as the shares held by cousin brothers and sisters were excluded from the calculation of shareholding, leading to the conclusion that the public interest threshold was not breached. The appeal was dismissed in favor of the assessee. en-us Wed, 09 Feb 1983 00:00:00 +0530 Tue, 07 Dec 2010 13:09:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56906 The Tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decisions on both issues. The assessee's method of valuation of closing stock was deemed consistent, and the addition made by the Income Tax Officer was deleted. Additionally, the assessee was considered a company in which the public are substantially interested, as the shares held by cousin brothers and sisters were excluded from the calculation of shareholding, leading to the conclusion that the public interest threshold was not breached. The appeal was dismissed in favor of the assessee. Case-Laws Income Tax Wed, 09 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56906