https://www.taxtmi.com/caselaws?id=3159 The court held that the Assessing Officer has the authority to reject the method of valuation of closing stock adopted by the assessee if it is not genuine, even if the accounts are correct. The Assessing Officer can compute income in a manner deemed fit to deduce correct profits and gains. The court emphasized that the method of valuation chosen by the assessee must reflect true income, and unless lacking bona fides, the Revenue cannot reject it. The appeal was dismissed as the accepted accounting principles were followed, and there was no finding that the change in valuation was not genuine. en-us Tue, 23 Jan 2007 00:00:00 +0530 Wed, 30 Jul 2008 09:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3159 The court held that the Assessing Officer has the authority to reject the method of valuation of closing stock adopted by the assessee if it is not genuine, even if the accounts are correct. The Assessing Officer can compute income in a manner deemed fit to deduce correct profits and gains. The court emphasized that the method of valuation chosen by the assessee must reflect true income, and unless lacking bona fides, the Revenue cannot reject it. The appeal was dismissed as the accepted accounting principles were followed, and there was no finding that the change in valuation was not genuine. Case-Laws Income Tax Tue, 23 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3159