https://www.taxtmi.com/caselaws?id=234606 The Tribunal allowed the appeal filed by the assessee, overturning the disallowance of the provision for obsolete stock. It held that the assessee's method of valuing closing stock at net realizable value was consistent with accounting principles and Section 145A of the Act. The Tribunal found the provision for obsolete stock was not adhoc but based on ascertained valuation, emphasizing the importance of consistent valuation methods. The appeal outcome favored the assessee, highlighting compliance with accounting standards and the validity of the valuation approach. en-us Fri, 07 Jun 2013 00:00:00 +0530 Fri, 14 Jun 2013 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234606 The Tribunal allowed the appeal filed by the assessee, overturning the disallowance of the provision for obsolete stock. It held that the assessee's method of valuing closing stock at net realizable value was consistent with accounting principles and Section 145A of the Act. The Tribunal found the provision for obsolete stock was not adhoc but based on ascertained valuation, emphasizing the importance of consistent valuation methods. The appeal outcome favored the assessee, highlighting compliance with accounting standards and the validity of the valuation approach. Case-Laws Income Tax Fri, 07 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234606