https://www.taxtmi.com/caselaws?id=8178 Where a statutory price-control regime governs the accounting year, unsold paddy must be valued by reference to the controlled maximum procurement price fixed for that year, not by an average locality price from the previous year. The controlled price structure displaces historical market averages for valuation purposes, so the entire stock held during the accounting year has to be computed on the basis of the applicable order. The valuation method therefore follows the operative price restriction in force during the relevant year, and the historical average price approach is rejected. en-us Wed, 16 Dec 1970 00:00:00 +0530 Tue, 31 Mar 2009 19:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8178 Where a statutory price-control regime governs the accounting year, unsold paddy must be valued by reference to the controlled maximum procurement price fixed for that year, not by an average locality price from the previous year. The controlled price structure displaces historical market averages for valuation purposes, so the entire stock held during the accounting year has to be computed on the basis of the applicable order. The valuation method therefore follows the operative price restriction in force during the relevant year, and the historical average price approach is rejected. Case-Laws Income Tax Wed, 16 Dec 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8178