https://www.taxtmi.com/caselaws?id=60199 The appeal involved two main issues: the valuation of closing stock method change and disallowances under section 40A(5). The Income Tax Appellate Tribunal (ITAT) concluded that the change in valuation method of closing stock was bona fide and should be accepted, directing the deletion of the addition made by the Income Tax Officer. However, regarding the disallowances under section 40A(5) concerning expenses on quarters allotted to an employee, the ITAT upheld the decision of the Commissioner of Income Tax (Appeals). As a result, the appeal was partly allowed based on the analysis of both issues presented. en-us Sat, 05 Nov 1983 00:00:00 +0530 Tue, 04 Jan 2011 12:14:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60199 The appeal involved two main issues: the valuation of closing stock method change and disallowances under section 40A(5). The Income Tax Appellate Tribunal (ITAT) concluded that the change in valuation method of closing stock was bona fide and should be accepted, directing the deletion of the addition made by the Income Tax Officer. However, regarding the disallowances under section 40A(5) concerning expenses on quarters allotted to an employee, the ITAT upheld the decision of the Commissioner of Income Tax (Appeals). As a result, the appeal was partly allowed based on the analysis of both issues presented. Case-Laws Income Tax Sat, 05 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60199