https://www.taxtmi.com/caselaws?id=212472 The Tribunal upheld the Assessing Officer's addition to the returned income of the assessee for undervaluing the closing stock, emphasizing the importance of proper valuation and consistency in accounting methods. The CIT(A)'s deletion of the addition was overturned, citing legal principles that closing stock should be valued at cost or market price, whichever is lower. The Tribunal highlighted the necessity of adhering to established principles in valuing closing stock and allowed the Department's appeal, reinstating the AO's order. en-us Tue, 27 Sep 2011 00:00:00 +0530 Mon, 21 May 2012 15:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212472 The Tribunal upheld the Assessing Officer's addition to the returned income of the assessee for undervaluing the closing stock, emphasizing the importance of proper valuation and consistency in accounting methods. The CIT(A)'s deletion of the addition was overturned, citing legal principles that closing stock should be valued at cost or market price, whichever is lower. The Tribunal highlighted the necessity of adhering to established principles in valuing closing stock and allowed the Department's appeal, reinstating the AO's order. Case-Laws Income Tax Tue, 27 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212472