https://www.taxtmi.com/caselaws?id=1749 The High Court ruled against the Assessee, holding that the change in the method of valuation of closing stock was not legally valid or bona fide. The Court emphasized the importance of adhering to statutory provisions when filing revised returns and making changes in valuation methods for tax purposes. The Assessee's attempt to revise the return based on a different valuation method was deemed unjustified and did not meet the criteria outlined in Section 139(5) of the Income Tax Act. en-us Thu, 13 Sep 2007 00:00:00 +0530 Fri, 24 Oct 2008 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=1749 The High Court ruled against the Assessee, holding that the change in the method of valuation of closing stock was not legally valid or bona fide. The Court emphasized the importance of adhering to statutory provisions when filing revised returns and making changes in valuation methods for tax purposes. The Assessee's attempt to revise the return based on a different valuation method was deemed unjustified and did not meet the criteria outlined in Section 139(5) of the Income Tax Act. Case-Laws Income Tax Thu, 13 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=1749