https://www.taxtmi.com/caselaws?id=216098 The Tribunal upheld the respondent's valuation of closing stock for the assessment year 2003-04, allowing the deduction claimed for non-moving/slow-moving stock. The Commissioner and Tribunal deemed the valuation reduction as valid, supported by evidence of chemical composition deterioration. The conflict between the respondent's accounting policy and legal requirements was resolved in favor of the respondent, emphasizing the bonafide nature of the valuation exercise. The High Court dismissed the revenue's appeal, finding no substantial legal question, with no costs awarded. en-us Wed, 08 Aug 2012 00:00:00 +0530 Thu, 30 Aug 2012 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216098 The Tribunal upheld the respondent's valuation of closing stock for the assessment year 2003-04, allowing the deduction claimed for non-moving/slow-moving stock. The Commissioner and Tribunal deemed the valuation reduction as valid, supported by evidence of chemical composition deterioration. The conflict between the respondent's accounting policy and legal requirements was resolved in favor of the respondent, emphasizing the bonafide nature of the valuation exercise. The High Court dismissed the revenue's appeal, finding no substantial legal question, with no costs awarded. Case-Laws Income Tax Wed, 08 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216098