https://www.taxtmi.com/caselaws?id=127837 An assessee's consistently followed method of valuing obsolete and slow-moving spare parts could not be rejected for income-tax purposes where it had been regularly employed and was capable of yielding true profits and gains. Section 13 required computation according to the method of accounting regularly used by the assessee unless the proviso applied, and neither the later realisation of some items above cost nor a different valuation given to a bank justified disturbing the closing stock valuation. The stock was not excluded from inventory, and the method reflected the gradual decline in value in a falling market. The addition to closing stock was therefore not sustainable. en-us Fri, 12 Feb 1965 00:00:00 +0530 Thu, 08 Oct 2015 17:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=127837 An assessee's consistently followed method of valuing obsolete and slow-moving spare parts could not be rejected for income-tax purposes where it had been regularly employed and was capable of yielding true profits and gains. Section 13 required computation according to the method of accounting regularly used by the assessee unless the proviso applied, and neither the later realisation of some items above cost nor a different valuation given to a bank justified disturbing the closing stock valuation. The stock was not excluded from inventory, and the method reflected the gradual decline in value in a falling market. The addition to closing stock was therefore not sustainable. Case-Laws Income Tax Fri, 12 Feb 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=127837