https://www.taxtmi.com/caselaws?id=247968 The High Court upheld the Assessing Officer's action to revalue the closing stock for the assessment year 1996-97, ruling that the reassessment was not barred by limitation under Section 150(2) of the Income Tax Act. The Court rejected the assessee's argument that the reassessment was time-barred, emphasizing that the assessee could not dispute the legality of the revaluation order after benefiting from it for the following assessment year. The appeal by the Revenue was allowed, and the cross-objection by the assessee was dismissed. en-us Fri, 16 May 2014 00:00:00 +0530 Thu, 21 Aug 2014 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247968 The High Court upheld the Assessing Officer's action to revalue the closing stock for the assessment year 1996-97, ruling that the reassessment was not barred by limitation under Section 150(2) of the Income Tax Act. The Court rejected the assessee's argument that the reassessment was time-barred, emphasizing that the assessee could not dispute the legality of the revaluation order after benefiting from it for the following assessment year. The appeal by the Revenue was allowed, and the cross-objection by the assessee was dismissed. Case-Laws Income Tax Fri, 16 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247968