https://www.taxtmi.com/caselaws?id=188374 In block assessment, closing stock cannot be revalued by substituting the assessee's consistently accepted average cost method with FIFO unless seized material shows that the disclosed valuation is unreliable. The Tribunal noted that the assessee had regularly followed the average cost method, which had been accepted in earlier assessments, and that the addition arose only from the Assessing Officer's preference for FIFO to arrive at a higher closing stock value. In the absence of incriminating material found during search, there was no basis to disturb the regular valuation method or sustain the addition, which was deleted. en-us Wed, 30 Apr 2014 00:00:00 +0530 Tue, 29 Nov 2016 10:12:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188374 In block assessment, closing stock cannot be revalued by substituting the assessee's consistently accepted average cost method with FIFO unless seized material shows that the disclosed valuation is unreliable. The Tribunal noted that the assessee had regularly followed the average cost method, which had been accepted in earlier assessments, and that the addition arose only from the Assessing Officer's preference for FIFO to arrive at a higher closing stock value. In the absence of incriminating material found during search, there was no basis to disturb the regular valuation method or sustain the addition, which was deleted. Case-Laws Income Tax Wed, 30 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188374