https://www.taxtmi.com/caselaws?id=5324 SC allowed Revenue appeals, set aside the HC judgment and upheld the Tribunal and Assessing Officer. The Court held that stock must be entered at cost unless market fall justifies write-down; excluding all costs except raw materials for goods-in-process and finished goods distorts income and improperly shifts profits between years. The AO was entitled and bound to determine correct taxable income rather than accept an accounting system that understates profit. The Tribunal's factual findings were upheld and the appeals were allowed with costs. en-us Thu, 13 Dec 1990 00:00:00 +0530 Sat, 25 Oct 2025 13:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5324 SC allowed Revenue appeals, set aside the HC judgment and upheld the Tribunal and Assessing Officer. The Court held that stock must be entered at cost unless market fall justifies write-down; excluding all costs except raw materials for goods-in-process and finished goods distorts income and improperly shifts profits between years. The AO was entitled and bound to determine correct taxable income rather than accept an accounting system that understates profit. The Tribunal's factual findings were upheld and the appeals were allowed with costs. Case-Laws Income Tax Thu, 13 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5324