https://www.taxtmi.com/caselaws?id=213515 The High Court ruled in favor of the assessee in a tax case appeal. The dispute centered on whether a sum disclosed in closing stock should be treated as income, despite the assessee's disclosure. The court held that the value of closing stock, specifically cement and steel, should not be included as income as per the contract terms with NSTL. The court emphasized that the assessee had to pay for materials supplied by NSTL, and the advance payment received was adjustable in the final bill. The High Court set aside the Tribunal's order, ruling in favor of the assessee. en-us Fri, 27 Apr 2012 00:00:00 +0530 Fri, 17 Aug 2012 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213515 The High Court ruled in favor of the assessee in a tax case appeal. The dispute centered on whether a sum disclosed in closing stock should be treated as income, despite the assessee's disclosure. The court held that the value of closing stock, specifically cement and steel, should not be included as income as per the contract terms with NSTL. The court emphasized that the assessee had to pay for materials supplied by NSTL, and the advance payment received was adjustable in the final bill. The High Court set aside the Tribunal's order, ruling in favor of the assessee. Case-Laws Income Tax Fri, 27 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213515