https://www.taxtmi.com/caselaws?id=181787 The ITAT dismissed the revenue's appeal and upheld the CIT(A)'s decision in favor of the assessee regarding the valuation of closing stock of shares and securities. The ITAT found the change in valuation method to be bonafide and in line with accounting standards, not driven by motives to lower profit as alleged by the Assessing Officer. The ITAT emphasized that any method resulting in a proper computation of income under tax law is acceptable, ultimately ruling in favor of the assessee. en-us Mon, 10 Mar 2014 00:00:00 +0530 Mon, 25 Apr 2016 12:36:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181787 The ITAT dismissed the revenue's appeal and upheld the CIT(A)'s decision in favor of the assessee regarding the valuation of closing stock of shares and securities. The ITAT found the change in valuation method to be bonafide and in line with accounting standards, not driven by motives to lower profit as alleged by the Assessing Officer. The ITAT emphasized that any method resulting in a proper computation of income under tax law is acceptable, ultimately ruling in favor of the assessee. Case-Laws Income Tax Mon, 10 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181787