https://www.taxtmi.com/caselaws?id=212113 Closing stock could continue to be valued at the lower of cost or net realizable value where the Revenue failed to show a proven change in method or any perversity in the Tribunal's factual findings. Export loss reimbursement was not required to be built into closing stock value or taxed on a notional accrual basis because no enforceable right to receive the amounts had crystallised. Depreciation on leasehold rights and allied interests could not be denied merely because title was not registered, since possession and acquisition of the relevant interest satisfied the statutory conditions. The assessee succeeded on all three issues. en-us Mon, 30 Jan 2012 00:00:00 +0530 Wed, 23 Jan 2013 17:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212113 Closing stock could continue to be valued at the lower of cost or net realizable value where the Revenue failed to show a proven change in method or any perversity in the Tribunal's factual findings. Export loss reimbursement was not required to be built into closing stock value or taxed on a notional accrual basis because no enforceable right to receive the amounts had crystallised. Depreciation on leasehold rights and allied interests could not be denied merely because title was not registered, since possession and acquisition of the relevant interest satisfied the statutory conditions. The assessee succeeded on all three issues. Case-Laws Income Tax Mon, 30 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212113