https://www.taxtmi.com/caselaws?id=212389 The Court upheld the assessee's valuation method for closing stock, emphasizing the right of the assessee to choose the method. It found the Commissioner's suggested method inappropriate and set aside the order. The Court criticized the revisional authority for not providing reasons for rejecting the challenge to the assessing authority's order, deeming the decision illegal. As no challenge was made to the findings on the third issue, that aspect was affirmed. The writ petition was partly allowed, directing reconsideration of the first and second issues by the revisional authority with a reasoned order. en-us Tue, 20 Sep 2011 00:00:00 +0530 Sun, 15 Apr 2012 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212389 The Court upheld the assessee's valuation method for closing stock, emphasizing the right of the assessee to choose the method. It found the Commissioner's suggested method inappropriate and set aside the order. The Court criticized the revisional authority for not providing reasons for rejecting the challenge to the assessing authority's order, deeming the decision illegal. As no challenge was made to the findings on the third issue, that aspect was affirmed. The writ petition was partly allowed, directing reconsideration of the first and second issues by the revisional authority with a reasoned order. Case-Laws Income Tax Tue, 20 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212389