https://www.taxtmi.com/caselaws?id=6859 Consistent stock valuation is required before an assessee can rely on the usual cost-or-market-value basis for stock-in-trade. Where a share dealer had not regularly followed any settled valuation method, both opening and closing share stock could be valued at cost. As no shares were purchased or sold during the relevant year, revaluation alone could not create taxable profit or allowable loss. The department's cost-based treatment was sustained, and the issue was decided against the assessee. en-us Tue, 06 Apr 1965 00:00:00 +0530 Fri, 06 Feb 2009 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6859 Consistent stock valuation is required before an assessee can rely on the usual cost-or-market-value basis for stock-in-trade. Where a share dealer had not regularly followed any settled valuation method, both opening and closing share stock could be valued at cost. As no shares were purchased or sold during the relevant year, revaluation alone could not create taxable profit or allowable loss. The department's cost-based treatment was sustained, and the issue was decided against the assessee. Case-Laws Income Tax Tue, 06 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6859