https://www.taxtmi.com/caselaws?id=10762 The High Court upheld the addition to the closing stock valuation and rejected the change from market rate to average cost method by the assessee. The court found the alteration lacked bona fide reasons and appeared aimed at reducing profits. Consequently, the addition to the income of Rs. 80,191 was upheld, ruling in favor of the Revenue and against the assessee, with no costs awarded. en-us Tue, 09 Aug 2005 00:00:00 +0530 Fri, 24 Jul 2009 18:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10762 The High Court upheld the addition to the closing stock valuation and rejected the change from market rate to average cost method by the assessee. The court found the alteration lacked bona fide reasons and appeared aimed at reducing profits. Consequently, the addition to the income of Rs. 80,191 was upheld, ruling in favor of the Revenue and against the assessee, with no costs awarded. Case-Laws Income Tax Tue, 09 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10762