https://www.taxtmi.com/caselaws?id=340681 The court dismissed the appeal, ruling in favor of the Assessee and against the Revenue. It held that the revaluation of closing stock did not lead to taxable income, and the adjustments made were in accordance with legal and accounting principles. The court emphasized that revaluation alone does not generate real profit or taxable income. The decision affirmed that legitimate tax planning is permissible, but fraudulent tax evasion is not evident in this case. The appeal was dismissed with no order as to costs. en-us Wed, 08 Mar 2017 00:00:00 +0530 Thu, 23 Mar 2017 17:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340681 The court dismissed the appeal, ruling in favor of the Assessee and against the Revenue. It held that the revaluation of closing stock did not lead to taxable income, and the adjustments made were in accordance with legal and accounting principles. The court emphasized that revaluation alone does not generate real profit or taxable income. The decision affirmed that legitimate tax planning is permissible, but fraudulent tax evasion is not evident in this case. The appeal was dismissed with no order as to costs. Case-Laws Income Tax Wed, 08 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340681