https://www.taxtmi.com/caselaws?id=177341 Where stock in bulk is not individually earmarked, closing stock may be valued at the regularly adopted average cost method if it accords with commercial accounting practice and fairly reflects real profits; the actual cost of the year-end stock is not necessarily controlling. The Court also accepted that a reasonable stock-valuation method suited to the nature of the business could be used where it properly disclosed profits. On the tins shortage issue, a recorded concession before the appellate authority could not be ignored in the absence of evidence to displace it, so the Rs. 2,000 addition was sustained. en-us Thu, 31 Jul 1952 00:00:00 +0530 Thu, 07 Jan 2016 14:39:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177341 Where stock in bulk is not individually earmarked, closing stock may be valued at the regularly adopted average cost method if it accords with commercial accounting practice and fairly reflects real profits; the actual cost of the year-end stock is not necessarily controlling. The Court also accepted that a reasonable stock-valuation method suited to the nature of the business could be used where it properly disclosed profits. On the tins shortage issue, a recorded concession before the appellate authority could not be ignored in the absence of evidence to displace it, so the Rs. 2,000 addition was sustained. Case-Laws Income Tax Thu, 31 Jul 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177341