https://www.taxtmi.com/caselaws?id=66338 The tribunal partly allowed the appeal, upholding the assessee's valuation method for the closing stock of cake and oil. It found the ITO's reliance on advances received from consignees as the value of the closing stock to be erroneous, noting the lack of evidence that the advances represented the actual cost or market value of the goods. The tribunal remanded the issue to the ITO for verification of figures and computations. en-us Tue, 17 Apr 1990 00:00:00 +0530 Wed, 23 Feb 2011 16:36:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66338 The tribunal partly allowed the appeal, upholding the assessee's valuation method for the closing stock of cake and oil. It found the ITO's reliance on advances received from consignees as the value of the closing stock to be erroneous, noting the lack of evidence that the advances represented the actual cost or market value of the goods. The tribunal remanded the issue to the ITO for verification of figures and computations. Case-Laws Income Tax Tue, 17 Apr 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66338