https://www.taxtmi.com/caselaws?id=247221 The High Court upheld the Tribunal's decision regarding the disallowance of the provision for Obsolete Stock by the revenue. The Court found the Tribunal's emphasis on consistency in the assessee's valuation method and adherence to accounting principles reasonable, leading to the dismissal of the appeal. Additionally, the Tribunal's ruling on the principle of consistency in the valuation of closing stock was supported by previous case law and specific facts, resulting in the allowance of the appeal. The Court stressed the importance of applying accounting principles in stock valuation throughout the case. en-us Tue, 15 Apr 2014 00:00:00 +0530 Tue, 06 May 2014 08:44:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247221 The High Court upheld the Tribunal's decision regarding the disallowance of the provision for Obsolete Stock by the revenue. The Court found the Tribunal's emphasis on consistency in the assessee's valuation method and adherence to accounting principles reasonable, leading to the dismissal of the appeal. Additionally, the Tribunal's ruling on the principle of consistency in the valuation of closing stock was supported by previous case law and specific facts, resulting in the allowance of the appeal. The Court stressed the importance of applying accounting principles in stock valuation throughout the case. Case-Laws Income Tax Tue, 15 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247221