https://www.taxtmi.com/caselaws?id=6859 Where an assessee has not regularly followed a consistent stock valuation method, the ordinary rule of valuing stock at cost or market price, whichever is lower, does not govern. The article explains that the true-profit principle applies only when a settled year-to-year basis has been consistently employed. In the absence of such consistency, valuation at cost for both opening and closing stock is permissible, and no profit or loss arises merely from revaluation where there were no purchases or sales during the relevant year. 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 Where an assessee has not regularly followed a consistent stock valuation method, the ordinary rule of valuing stock at cost or market price, whichever is lower, does not govern. The article explains that the true-profit principle applies only when a settled year-to-year basis has been consistently employed. In the absence of such consistency, valuation at cost for both opening and closing stock is permissible, and no profit or loss arises merely from revaluation where there were no purchases or sales during the relevant year. Case-Laws Income Tax Tue, 06 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6859