https://www.taxtmi.com/caselaws?id=10228 The High Court dismissed the appeal, affirming the taxpayer's right to choose the valuation method for stock-in-trade, as long as consistently applied. The court upheld the principle that the chosen accounting method should not be disregarded unless leading to improper income deduction. The decision favored the assessee, allowing the valuation of Government securities at market price and claiming depreciation on the variance. en-us Thu, 29 Jul 2004 00:00:00 +0530 Sat, 11 Jul 2009 09:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10228 The High Court dismissed the appeal, affirming the taxpayer's right to choose the valuation method for stock-in-trade, as long as consistently applied. The court upheld the principle that the chosen accounting method should not be disregarded unless leading to improper income deduction. The decision favored the assessee, allowing the valuation of Government securities at market price and claiming depreciation on the variance. Case-Laws Income Tax Thu, 29 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10228