https://www.taxtmi.com/caselaws?id=175504 Where an assessee's regular method of accounting is not shown to require closing stock to be taken at cost even when market value is lower, the lower market value may be adopted for closing stock. The Indian Income-tax Act requires income to be computed on the basis of the method of accounting regularly employed, and the Revenue bears the burden of proving any departure from that method. On the material before the HC, the Department failed to establish that the assessee was bound to value stock at cost or that there had been any change in the regular accounting method, so the assessee's valuation at market rate was upheld. en-us Mon, 28 Sep 1953 00:00:00 +0530 Tue, 24 Nov 2015 15:46:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175504 Where an assessee's regular method of accounting is not shown to require closing stock to be taken at cost even when market value is lower, the lower market value may be adopted for closing stock. The Indian Income-tax Act requires income to be computed on the basis of the method of accounting regularly employed, and the Revenue bears the burden of proving any departure from that method. On the material before the HC, the Department failed to establish that the assessee was bound to value stock at cost or that there had been any change in the regular accounting method, so the assessee's valuation at market rate was upheld. Case-Laws Income Tax Mon, 28 Sep 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175504