https://www.taxtmi.com/caselaws?id=339589 The High Court of Bombay ruled in favor of an assessee in a case involving the valuation of opening and closing stock using the average cost method over the First in First out method. The Revenue Department's challenge to this valuation method was dismissed by the Court, emphasizing the practical difficulties faced by the assessee in following a specific method. The Court found no substantial question of law warranting a referral to the High Court, ultimately dismissing the Income Tax Application filed by the Revenue under Section 256 (2) of the Income Tax Act, in favor of the assessee. en-us Thu, 23 Feb 2017 00:00:00 +0530 Sat, 13 May 2017 12:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339589 The High Court of Bombay ruled in favor of an assessee in a case involving the valuation of opening and closing stock using the average cost method over the First in First out method. The Revenue Department's challenge to this valuation method was dismissed by the Court, emphasizing the practical difficulties faced by the assessee in following a specific method. The Court found no substantial question of law warranting a referral to the High Court, ultimately dismissing the Income Tax Application filed by the Revenue under Section 256 (2) of the Income Tax Act, in favor of the assessee. Case-Laws Income Tax Thu, 23 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339589