High Court remands case for reassessment of closing stock method used by assessee for FY ending 31st March 1989.

The High Court of Karnataka remanded the case to the assessing officer to review the method used by the assessee in determining the closing stock for the accounting year ending 31st March 1989. The orders of the lower authorities for the assessment year 1990-91 were overturned, and the matter was sent back for reassessment.

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The High Court of Karnataka remanded the matter to the assessing officer to decide the legality of the method adopted by the assessee in evaluating the closing stock for the accounting year ending 31st March 1989. The orders passed by authorities below for the assessment year 1990-91 are set aside and the matter is remanded for reconsideration.

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