https://www.taxtmi.com/caselaws?id=220998 The High Court allowed the appeal, finding in favor of the appellant in a case challenging the valuation of work in progress and the applicability of Accounting Standard No.7. The Court held that the change in the accounting system was legitimate and not aimed at tax avoidance, emphasizing the distinction from previous cases. Consequently, the Court confirmed the Commissioner of Income Tax (Appeals) order and set aside the ITAT's decision, disposing of the appeal in favor of the appellant. en-us Tue, 22 Jan 2013 00:00:00 +0530 Mon, 18 Feb 2013 08:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220998 The High Court allowed the appeal, finding in favor of the appellant in a case challenging the valuation of work in progress and the applicability of Accounting Standard No.7. The Court held that the change in the accounting system was legitimate and not aimed at tax avoidance, emphasizing the distinction from previous cases. Consequently, the Court confirmed the Commissioner of Income Tax (Appeals) order and set aside the ITAT's decision, disposing of the appeal in favor of the appellant. Case-Laws Income Tax Tue, 22 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220998