https://www.taxtmi.com/caselaws?id=4059 The case involved a dispute over the valuation method of closing stock of shares, specifically changing from market price to cost price. The Revenue challenged this change, arguing it did not accurately reflect profits. However, the Tribunal and Commissioner found the change justified due to share price fluctuations, following sound accounting principles. The High Court upheld this decision, emphasizing that factual findings should not be disturbed unless necessary. Ultimately, the Court dismissed the tax cases, affirming the validity of the changed valuation method. en-us Mon, 04 Jun 2007 00:00:00 +0530 Sat, 26 Jul 2008 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4059 The case involved a dispute over the valuation method of closing stock of shares, specifically changing from market price to cost price. The Revenue challenged this change, arguing it did not accurately reflect profits. However, the Tribunal and Commissioner found the change justified due to share price fluctuations, following sound accounting principles. The High Court upheld this decision, emphasizing that factual findings should not be disturbed unless necessary. Ultimately, the Court dismissed the tax cases, affirming the validity of the changed valuation method. Case-Laws Income Tax Mon, 04 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4059