https://www.taxtmi.com/caselaws?id=221404 The Tribunal upheld the assessee's method of valuing non-moving stock at 5% of the purchase cost, remanding the matter for verification. Sales-tax and Excise duty were directed to be excluded from total turnover. The penalty under section 271(1)(c) was set aside pending fresh adjudication of the valuation issue. The assessee's appeals were allowed, and the Revenue's appeal was dismissed. en-us Wed, 25 Jan 2012 00:00:00 +0530 Sat, 09 Mar 2013 11:08:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221404 The Tribunal upheld the assessee's method of valuing non-moving stock at 5% of the purchase cost, remanding the matter for verification. Sales-tax and Excise duty were directed to be excluded from total turnover. The penalty under section 271(1)(c) was set aside pending fresh adjudication of the valuation issue. The assessee's appeals were allowed, and the Revenue's appeal was dismissed. Case-Laws Income Tax Wed, 25 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221404