https://www.taxtmi.com/caselaws?id=180349 The High Court of Calcutta upheld the Tribunal's decisions, ruling that the expenditure for repairs and replacement of plant and machinery was revenue in nature. Additionally, the change in the method of stock valuation from 'since realisable value' to 'estimated cost' was deemed valid as it was consistent with recognized practices and applied consistently by the assessee. The Court found no malice in the valuation method change and concluded that it was not arbitrary or perverse, ultimately ruling in favor of the assessee on both issues. en-us Thu, 21 Apr 1994 00:00:00 +0530 Tue, 22 Mar 2016 10:42:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180349 The High Court of Calcutta upheld the Tribunal's decisions, ruling that the expenditure for repairs and replacement of plant and machinery was revenue in nature. Additionally, the change in the method of stock valuation from 'since realisable value' to 'estimated cost' was deemed valid as it was consistent with recognized practices and applied consistently by the assessee. The Court found no malice in the valuation method change and concluded that it was not arbitrary or perverse, ultimately ruling in favor of the assessee on both issues. Case-Laws Income Tax Thu, 21 Apr 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180349