https://www.taxtmi.com/caselaws?id=215777 Interest under Sections 234B and 234C was held not leviable where the assessee's income was subjected to tax deduction at source, following the Court's earlier binding decision. The assessee's consistent item-wise valuation of closing stock at cost or market price, whichever was lower, was upheld because it reflected true business profit and the Revenue's average-cost method would have produced an estimated and distorted stock value. The Court found the concurrent factual findings neither arbitrary nor perverse, so no substantial question of law arose. The appeal was therefore dismissed in full. en-us Wed, 01 Aug 2012 00:00:00 +0530 Fri, 17 Aug 2012 14:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215777 Interest under Sections 234B and 234C was held not leviable where the assessee's income was subjected to tax deduction at source, following the Court's earlier binding decision. The assessee's consistent item-wise valuation of closing stock at cost or market price, whichever was lower, was upheld because it reflected true business profit and the Revenue's average-cost method would have produced an estimated and distorted stock value. The Court found the concurrent factual findings neither arbitrary nor perverse, so no substantial question of law arose. The appeal was therefore dismissed in full. Case-Laws Income Tax Wed, 01 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215777