https://www.taxtmi.com/caselaws?id=249651 The High Court upheld the Tribunal's rectification under section 254(2) of the Income Tax Act, allowing the valuation of closing stock at cost price or market price, whichever is lower, based on a subsequent Supreme Court decision. The rectification was deemed valid as it corrected an error apparent on the record, following Circular No. 68 guidelines. The Court emphasized that rectification aims to remove errors and ensure correctness in assessments, dismissing the appeal against the rectification as no substantial question of law arose. en-us Thu, 03 Jul 2014 00:00:00 +0530 Sat, 19 Jul 2014 10:10:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249651 The High Court upheld the Tribunal's rectification under section 254(2) of the Income Tax Act, allowing the valuation of closing stock at cost price or market price, whichever is lower, based on a subsequent Supreme Court decision. The rectification was deemed valid as it corrected an error apparent on the record, following Circular No. 68 guidelines. The Court emphasized that rectification aims to remove errors and ensure correctness in assessments, dismissing the appeal against the rectification as no substantial question of law arose. Case-Laws Income Tax Thu, 03 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249651