https://www.taxtmi.com/caselaws?id=2382 The High Court upheld the validity of the Assessing Officer's order despite the non-mention of section 145, emphasizing compliance with the section's criteria. The Court supported the rejection of the assessee's valuation of closing stock, citing relevant precedents and the principle against arbitrary valuations. It clarified that valuations under the U. P. Trade Tax Act do not bind the Income-tax Department, as the two Acts involve distinct considerations. The appeal was dismissed due to the lack of a legal question warranting admission, highlighting the separate nature of valuations under each Act. en-us Mon, 24 Apr 2006 00:00:00 +0530 Thu, 31 Jul 2008 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2382 The High Court upheld the validity of the Assessing Officer's order despite the non-mention of section 145, emphasizing compliance with the section's criteria. The Court supported the rejection of the assessee's valuation of closing stock, citing relevant precedents and the principle against arbitrary valuations. It clarified that valuations under the U. P. Trade Tax Act do not bind the Income-tax Department, as the two Acts involve distinct considerations. The appeal was dismissed due to the lack of a legal question warranting admission, highlighting the separate nature of valuations under each Act. Case-Laws Income Tax Mon, 24 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2382