https://www.taxtmi.com/caselaws?id=180156 Closing stock must be valued at cost or market value, whichever is lower. Where the evidence showed no local or foreign market for the unsold snake skins and the stock had become unsaleable during the accounting year, the market value was effectively nil. The assessee was therefore entitled to adopt nil valuation for the closing stock, and any later sale would be taxed in the subsequent year when realised. en-us Thu, 16 Jul 1964 00:00:00 +0530 Thu, 17 Mar 2016 18:45:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180156 Closing stock must be valued at cost or market value, whichever is lower. Where the evidence showed no local or foreign market for the unsold snake skins and the stock had become unsaleable during the accounting year, the market value was effectively nil. The assessee was therefore entitled to adopt nil valuation for the closing stock, and any later sale would be taxed in the subsequent year when realised. Case-Laws Income Tax Thu, 16 Jul 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180156