https://www.taxtmi.com/caselaws?id=62889 The Tribunal upheld the change in the method of valuation of closing stock to Direct Costing, with the modification to include direct labour costs of own employees. It ruled that the revenue could not impose Absorption Costing, finding the appellant's method compliant with accounting standards and judicial precedents. The Tribunal emphasized the choice between Direct Costing and Absorption Costing rests with the assessee, as long as the inventory reflects its true value. en-us Mon, 03 Aug 1992 00:00:00 +0530 Sat, 22 Jan 2011 14:21:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62889 The Tribunal upheld the change in the method of valuation of closing stock to Direct Costing, with the modification to include direct labour costs of own employees. It ruled that the revenue could not impose Absorption Costing, finding the appellant's method compliant with accounting standards and judicial precedents. The Tribunal emphasized the choice between Direct Costing and Absorption Costing rests with the assessee, as long as the inventory reflects its true value. Case-Laws Income Tax Mon, 03 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62889