https://www.taxtmi.com/caselaws?id=216034 The High Court remitted the case to the Assessing Officer to verify if gas in the pipeline was correctly included in the closing stock for the assessment year 2005-06. The Court directed that if gas was found in the pipeline but not included in the closing stock, it should be added back. The figure of 3.46% of purchases should be adjusted accordingly, and past years' losses should be compared after excluding gas in the pipeline to assess the normalcy of the loss/wastage. The Court emphasized the importance of accurate verification in this matter. en-us Wed, 22 Aug 2012 00:00:00 +0530 Mon, 27 Aug 2012 15:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216034 The High Court remitted the case to the Assessing Officer to verify if gas in the pipeline was correctly included in the closing stock for the assessment year 2005-06. The Court directed that if gas was found in the pipeline but not included in the closing stock, it should be added back. The figure of 3.46% of purchases should be adjusted accordingly, and past years' losses should be compared after excluding gas in the pipeline to assess the normalcy of the loss/wastage. The Court emphasized the importance of accurate verification in this matter. Case-Laws Income Tax Wed, 22 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216034