https://www.taxtmi.com/caselaws?id=177341 Average-cost valuation of closing stock, when regularly adopted and commercially appropriate for homogeneous manufacturing inputs, is permissible for income assessment even if actual cost of specific items can be ascertained in a particular year; the method stands if it fairly reflects profits. A recorded concession by the assessee's representative in an Appellate Assistant Commissioner's order binds subsequent appellate forums unless the record is shown to be incorrect; therefore an addition based on such conceded shortage is maintainable. 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 Average-cost valuation of closing stock, when regularly adopted and commercially appropriate for homogeneous manufacturing inputs, is permissible for income assessment even if actual cost of specific items can be ascertained in a particular year; the method stands if it fairly reflects profits. A recorded concession by the assessee's representative in an Appellate Assistant Commissioner's order binds subsequent appellate forums unless the record is shown to be incorrect; therefore an addition based on such conceded shortage is maintainable. Case-Laws Income Tax Thu, 31 Jul 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177341