https://www.taxtmi.com/caselaws?id=218086 The Tribunal dismissed the revenue's appeal and upheld the deletion of the addition on account of the valuation of closing stock for the assessment year 2007-08. The decision was based on the bonafide change in the valuation method in compliance with accounting standards, specifically AS-2, and the notification by the Central Government. The Tribunal emphasized the importance of accepting such changes when they align with statutory requirements and accounting standards, stating that the department failed to provide any material to challenge the Commissioner's findings. en-us Thu, 24 May 2012 00:00:00 +0530 Sat, 03 Nov 2012 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218086 The Tribunal dismissed the revenue's appeal and upheld the deletion of the addition on account of the valuation of closing stock for the assessment year 2007-08. The decision was based on the bonafide change in the valuation method in compliance with accounting standards, specifically AS-2, and the notification by the Central Government. The Tribunal emphasized the importance of accepting such changes when they align with statutory requirements and accounting standards, stating that the department failed to provide any material to challenge the Commissioner's findings. Case-Laws Income Tax Thu, 24 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218086