https://www.taxtmi.com/caselaws?id=3003 HC held that the ITAT was correct in allowing an opening stock adjustment of Rs.54,83,272 for the transitional year under s.145A. The court found no double benefit to the assessee, noting the guidance that inventory valuation adjustments affect both opening and closing stock and that statutory changes must be given effect despite tax-computation consequences. As s.145A is a non-obstante provision, a change in closing stock as on 31 Mar 1999 required a corresponding opening stock adjustment on 1 Apr 1998. The appeal was decided for the assessee against Revenue. en-us Wed, 28 Nov 2007 00:00:00 +0530 Fri, 12 Sep 2025 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3003 HC held that the ITAT was correct in allowing an opening stock adjustment of Rs.54,83,272 for the transitional year under s.145A. The court found no double benefit to the assessee, noting the guidance that inventory valuation adjustments affect both opening and closing stock and that statutory changes must be given effect despite tax-computation consequences. As s.145A is a non-obstante provision, a change in closing stock as on 31 Mar 1999 required a corresponding opening stock adjustment on 1 Apr 1998. The appeal was decided for the assessee against Revenue. Case-Laws Income Tax Wed, 28 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3003