https://www.taxtmi.com/caselaws?id=6688 The High Court of Allahabad ruled in a case concerning the valuation of opening stock for income tax assessment. The court held that the assessee's method of valuing opening stock at market rate and closing stock at cost price was correct. It emphasized the assessee's right to choose between market price and cost price for valuation. The revaluation of opening stock by the Income-tax Officer was deemed impermissible, and the court ruled in favor of the assessee, directing the department to pay costs and fixing counsel's fee at Rs. 200. The judgment underscores the flexibility in valuation methods based on market conditions and commercial practices. en-us Wed, 18 May 1966 00:00:00 +0530 Sun, 01 Feb 2009 06:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6688 The High Court of Allahabad ruled in a case concerning the valuation of opening stock for income tax assessment. The court held that the assessee's method of valuing opening stock at market rate and closing stock at cost price was correct. It emphasized the assessee's right to choose between market price and cost price for valuation. The revaluation of opening stock by the Income-tax Officer was deemed impermissible, and the court ruled in favor of the assessee, directing the department to pay costs and fixing counsel's fee at Rs. 200. The judgment underscores the flexibility in valuation methods based on market conditions and commercial practices. Case-Laws Income Tax Wed, 18 May 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6688