https://www.taxtmi.com/caselaws?id=184042 A reference was declined where the addition of a credited amount was supported by recorded facts showing that the assessee had not proved the nature and source of the sum, making the issue one of fact rather than law. On stock valuation, the article states that an arbitrary basis for valuing opening and closing stocks is inconsistent with accepted accounting principles, which normally require valuation at cost or market value. The absence of express wording in the assessment order under the proviso to section 13 was treated as immaterial because the reasoning showed that profits could not properly be deduced from the method adopted. Both proposed questions were therefore treated as non-referable questions of law. en-us Wed, 11 Apr 1956 00:00:00 +0530 Tue, 28 Jun 2016 14:51:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184042 A reference was declined where the addition of a credited amount was supported by recorded facts showing that the assessee had not proved the nature and source of the sum, making the issue one of fact rather than law. On stock valuation, the article states that an arbitrary basis for valuing opening and closing stocks is inconsistent with accepted accounting principles, which normally require valuation at cost or market value. The absence of express wording in the assessment order under the proviso to section 13 was treated as immaterial because the reasoning showed that profits could not properly be deduced from the method adopted. Both proposed questions were therefore treated as non-referable questions of law. Case-Laws Income Tax Wed, 11 Apr 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184042