https://www.taxtmi.com/caselaws?id=151462 The Tribunal upheld the decision of the Commissioner of Income-tax (Appeals) to allow loss on account of a change in the method of accounting for the assessment year 2005-06. The change in the method of valuation of closing stock from "cost" to "at cost or market price whichever is lower" was considered bona fide and in accordance with legal principles. The Tribunal emphasized the importance of consistency in applying valuation methods and found no evidence to refute that the new method was consistently followed. Therefore, the appeal by the Revenue was dismissed, and the addition of Rs. 94.06 lakhs was deleted. en-us Wed, 10 Jun 2009 00:00:00 +0530 Thu, 06 Jun 2013 13:04:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151462 The Tribunal upheld the decision of the Commissioner of Income-tax (Appeals) to allow loss on account of a change in the method of accounting for the assessment year 2005-06. The change in the method of valuation of closing stock from "cost" to "at cost or market price whichever is lower" was considered bona fide and in accordance with legal principles. The Tribunal emphasized the importance of consistency in applying valuation methods and found no evidence to refute that the new method was consistently followed. Therefore, the appeal by the Revenue was dismissed, and the addition of Rs. 94.06 lakhs was deleted. Case-Laws Income Tax Wed, 10 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151462