https://www.taxtmi.com/caselaws?id=326838 The High Court upheld the Tribunal's decision to delete the addition made by the assessing authority, emphasizing the availability of deduction for the reduction in the value of stock in trade. The Court rejected the appellant's argument regarding the method of accounting adopted by the assessee, stating that the payment made for the goods and their custody justified treating them as stock in trade. The Court found no grounds for shifting tax liability and dismissed the appeal. en-us Tue, 08 Mar 2016 00:00:00 +0530 Tue, 26 Apr 2016 10:27:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326838 The High Court upheld the Tribunal's decision to delete the addition made by the assessing authority, emphasizing the availability of deduction for the reduction in the value of stock in trade. The Court rejected the appellant's argument regarding the method of accounting adopted by the assessee, stating that the payment made for the goods and their custody justified treating them as stock in trade. The Court found no grounds for shifting tax liability and dismissed the appeal. Case-Laws Income Tax Tue, 08 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326838