https://www.taxtmi.com/caselaws?id=69525 For income-tax purposes, a base-stock method that values silverware and raw silver at fixed notional rates may be rejected where it does not reflect actual cost, market value, or true business profits. Consistent use in earlier years does not validate an accounting method that distorts taxable income. Stock should be valued at cost or market value, whichever is lower. Where closing base stock is revalued, corresponding revaluation of opening stock is necessary to determine the correct trading result, subject to verification of the taxpayer's computations and fresh assessment in accordance with law. en-us Fri, 11 Mar 1988 00:00:00 +0530 Thu, 07 Apr 2011 14:31:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69525 For income-tax purposes, a base-stock method that values silverware and raw silver at fixed notional rates may be rejected where it does not reflect actual cost, market value, or true business profits. Consistent use in earlier years does not validate an accounting method that distorts taxable income. Stock should be valued at cost or market value, whichever is lower. Where closing base stock is revalued, corresponding revaluation of opening stock is necessary to determine the correct trading result, subject to verification of the taxpayer's computations and fresh assessment in accordance with law. Case-Laws Income Tax Fri, 11 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69525