https://www.taxtmi.com/caselaws?id=62895 The appeal filed by the assessee was partially allowed, and the appeal by the revenue was also allowed. The Tribunal upheld the inclusion of custom duty in the valuation of closing stock to align with commercial practices and accounting standards. It allowed deductions for losses suffered due to riots, differentiated between salvage and scrap value, and permitted certain expenses while disallowing others. The Tribunal reversed the decision on disturbing the opening stock valuation, emphasizing adherence to accounting principles and legal precedents to reflect the true income of the assessee. en-us Mon, 25 Jan 1993 00:00:00 +0530 Sat, 22 Jan 2011 14:33:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62895 The appeal filed by the assessee was partially allowed, and the appeal by the revenue was also allowed. The Tribunal upheld the inclusion of custom duty in the valuation of closing stock to align with commercial practices and accounting standards. It allowed deductions for losses suffered due to riots, differentiated between salvage and scrap value, and permitted certain expenses while disallowing others. The Tribunal reversed the decision on disturbing the opening stock valuation, emphasizing adherence to accounting principles and legal precedents to reflect the true income of the assessee. Case-Laws Income Tax Mon, 25 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62895