https://www.taxtmi.com/caselaws?id=181980 The Tribunal allowed the appeal of the assessee, overturning the addition of Rs. 4,11,335 on account of suppressed value of work-in-progress for the assessment year 2006-2007. The Tribunal held that the method of valuing stock consistently followed by the assessee was legal, emphasizing that consumables lose their identity once applied to the fabric under process. The decision was based on the principle that in cases where the fabric does not belong to the assessee and raw materials are consumed in the process, the valuation method adopted by the assessee was justified. en-us Fri, 13 May 2011 00:00:00 +0530 Thu, 28 Apr 2016 18:37:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181980 The Tribunal allowed the appeal of the assessee, overturning the addition of Rs. 4,11,335 on account of suppressed value of work-in-progress for the assessment year 2006-2007. The Tribunal held that the method of valuing stock consistently followed by the assessee was legal, emphasizing that consumables lose their identity once applied to the fabric under process. The decision was based on the principle that in cases where the fabric does not belong to the assessee and raw materials are consumed in the process, the valuation method adopted by the assessee was justified. Case-Laws Income Tax Fri, 13 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181980