https://www.taxtmi.com/caselaws?id=201980 The case involved the valuation of closing stock of two transformers by the assessee for the assessment year 1984-85. The Assessing Officer rejected the valuation and adopted a higher figure based on the eventual sale price to the Punjab State Electricity Board. The Tribunal found the market value adopted by the assessee unjustified and directed the valuation to be based on cost price. The Tribunal emphasized the Assessing Officer's authority to modify valuations for accurate reflection of trading profits. The High Court ruled in favor of the assessee, holding the Tribunal's approach unsustainable and emphasizing the importance of correct stock valuation for determining trading results. en-us Wed, 30 Apr 2008 00:00:00 +0530 Sat, 29 Dec 2012 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201980 The case involved the valuation of closing stock of two transformers by the assessee for the assessment year 1984-85. The Assessing Officer rejected the valuation and adopted a higher figure based on the eventual sale price to the Punjab State Electricity Board. The Tribunal found the market value adopted by the assessee unjustified and directed the valuation to be based on cost price. The Tribunal emphasized the Assessing Officer's authority to modify valuations for accurate reflection of trading profits. The High Court ruled in favor of the assessee, holding the Tribunal's approach unsustainable and emphasizing the importance of correct stock valuation for determining trading results. Case-Laws Income Tax Wed, 30 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201980