https://www.taxtmi.com/caselaws?id=10393 The Tribunal upheld the decision in favor of the assessee, recognizing the ad hoc method of accounting for valuing stocks when consistently applied. The Tribunal confirmed the deletion of additions made by the Inspecting Assistant Commissioner on account of undervaluation of closing stock of gold and silver, emphasizing the principle of consistency in valuation methods accepted by the Department in previous years. The Tribunal cited relevant case law and precedent to support its conclusion that the Revenue had no justification to reject the method consistently employed by the assessee. en-us Mon, 03 Jan 2005 00:00:00 +0530 Wed, 15 Jul 2009 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10393 The Tribunal upheld the decision in favor of the assessee, recognizing the ad hoc method of accounting for valuing stocks when consistently applied. The Tribunal confirmed the deletion of additions made by the Inspecting Assistant Commissioner on account of undervaluation of closing stock of gold and silver, emphasizing the principle of consistency in valuation methods accepted by the Department in previous years. The Tribunal cited relevant case law and precedent to support its conclusion that the Revenue had no justification to reject the method consistently employed by the assessee. Case-Laws Income Tax Mon, 03 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10393