https://www.taxtmi.com/caselaws?id=10583 The court upheld the Assessing Officer's decision regarding the valuation of closing stock for the assessment year 1991-92 under the Income-tax Act, 1961. The appellant's method of valuing the closing stock based on average cost price was deemed improper as it included the value of the opening stock from the previous year. The court referred to various precedents emphasizing the importance of valuing unsold stock accurately to determine profits or losses. Ultimately, the court ruled in favor of the Assessing Officer's valuation method, dismissing the appellant's appeal and ordering no costs to be awarded. en-us Wed, 10 Nov 2004 00:00:00 +0530 Sat, 18 Jul 2009 10:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10583 The court upheld the Assessing Officer's decision regarding the valuation of closing stock for the assessment year 1991-92 under the Income-tax Act, 1961. The appellant's method of valuing the closing stock based on average cost price was deemed improper as it included the value of the opening stock from the previous year. The court referred to various precedents emphasizing the importance of valuing unsold stock accurately to determine profits or losses. Ultimately, the court ruled in favor of the Assessing Officer's valuation method, dismissing the appellant's appeal and ordering no costs to be awarded. Case-Laws Income Tax Wed, 10 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10583