https://www.taxtmi.com/caselaws?id=237446 The High Court upheld the Tribunal's decision regarding the valuation of closing stock for the assessment year 1987-88. The Court ruled in favor of the assessee, allowing them to value the closing stock at the lower of cost or market price, based on the specific circumstances where market value was lower for levy sugar and higher for free sale sugar. The department's appeal challenging the deletion of the addition to closing stock valuation was dismissed, affirming the consistency and validity of the assessee's valuation method. en-us Tue, 03 Sep 2013 00:00:00 +0530 Fri, 27 Sep 2013 19:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237446 The High Court upheld the Tribunal's decision regarding the valuation of closing stock for the assessment year 1987-88. The Court ruled in favor of the assessee, allowing them to value the closing stock at the lower of cost or market price, based on the specific circumstances where market value was lower for levy sugar and higher for free sale sugar. The department's appeal challenging the deletion of the addition to closing stock valuation was dismissed, affirming the consistency and validity of the assessee's valuation method. Case-Laws Income Tax Tue, 03 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237446