https://www.taxtmi.com/caselaws?id=63872 The Tribunal dismissed the appeals, upholding the Assessing Officer's additions to the income. The change in the method of valuation of closing stock from ad hoc estimate to "average cost" post-search was deemed not bona fide, aiming to reduce taxable income. The Tribunal emphasized the importance of consistency in valuation methods and cited legal precedents to support its decision. The original valuation method at cost was deemed appropriate, and the reassessment under section 153A was not justified for reducing tax liability. en-us Fri, 28 Aug 2009 00:00:00 +0530 Sat, 07 Oct 2023 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63872 The Tribunal dismissed the appeals, upholding the Assessing Officer's additions to the income. The change in the method of valuation of closing stock from ad hoc estimate to "average cost" post-search was deemed not bona fide, aiming to reduce taxable income. The Tribunal emphasized the importance of consistency in valuation methods and cited legal precedents to support its decision. The original valuation method at cost was deemed appropriate, and the reassessment under section 153A was not justified for reducing tax liability. Case-Laws Income Tax Fri, 28 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63872