https://www.taxtmi.com/caselaws?id=61462 The Tribunal rejected the Revenue's appeal regarding the undervaluation of stock, citing insufficient evidence to support the claims. The Tribunal noted discrepancies in stock valuation but emphasized the lack of concrete proof of collusion or deliberate undervaluation. On the issue of depreciation disallowance on a car due to personal use, the Tribunal agreed with the Revenue, leading to the partial success of the appeal. The judgment underscored the significance of concrete evidence and compliance with legal provisions in tax assessments. en-us Mon, 27 Nov 1995 00:00:00 +0530 Wed, 12 Jan 2011 16:54:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61462 The Tribunal rejected the Revenue's appeal regarding the undervaluation of stock, citing insufficient evidence to support the claims. The Tribunal noted discrepancies in stock valuation but emphasized the lack of concrete proof of collusion or deliberate undervaluation. On the issue of depreciation disallowance on a car due to personal use, the Tribunal agreed with the Revenue, leading to the partial success of the appeal. The judgment underscored the significance of concrete evidence and compliance with legal provisions in tax assessments. Case-Laws Income Tax Mon, 27 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61462