Failure of assessee to explain allowability of freight expenditure and labour charges payable, claimed in closing stock: ITAT dismisses appeal [Read Order]

Failure of assessee - freight expenditure - labour charges - closing stock - ITAT - taxscan

The Chennai Bench of Income tax Appellate Tribunal (ITAT) held that due to no explanation of assessee for allowability of freight expenditure and labour charges, claimed by assessee in closing stock. The assessee in this case is TCP Limited. The Assessing Officer (AO) while framing assessment and on perusal of audited balance sheet and profit…

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