https://www.taxtmi.com/caselaws?id=176232 The High Court remanded a case involving Delta Plantation Ltd.'s valuation method change for tea stock from selling price to 'since realised' or 'estimated realisable value'. The Court emphasized the importance of consistent application of the chosen method and recognized industry practices, overturning previous decisions disallowing the change. The Court referred to accounting standards and remanded the case to the Tribunal for further examination on the consistency of the new method, highlighting the acceptance of bona fide valuation changes even if they impact revenue initially. en-us Fri, 12 Mar 1993 00:00:00 +0530 Mon, 26 Dec 2016 18:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176232 The High Court remanded a case involving Delta Plantation Ltd.'s valuation method change for tea stock from selling price to 'since realised' or 'estimated realisable value'. The Court emphasized the importance of consistent application of the chosen method and recognized industry practices, overturning previous decisions disallowing the change. The Court referred to accounting standards and remanded the case to the Tribunal for further examination on the consistency of the new method, highlighting the acceptance of bona fide valuation changes even if they impact revenue initially. Case-Laws Income Tax Fri, 12 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176232