https://www.taxtmi.com/caselaws?id=11461 The High Court held that the assessee cannot adopt the closing stock value as of October 25, 1983, and must value it as of the accounting year-end, September 30, 1983. The court emphasized the importance of reflecting true profits by valuing closing stock at cost or market price, whichever is lower, at the end of the accounting year. The method of valuing stock post the accounting year-end was deemed to potentially distort true profits and income for the year. The decision favored the Revenue, with costs not awarded to either party. en-us Tue, 31 Dec 2002 00:00:00 +0530 Mon, 10 Aug 2009 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11461 The High Court held that the assessee cannot adopt the closing stock value as of October 25, 1983, and must value it as of the accounting year-end, September 30, 1983. The court emphasized the importance of reflecting true profits by valuing closing stock at cost or market price, whichever is lower, at the end of the accounting year. The method of valuing stock post the accounting year-end was deemed to potentially distort true profits and income for the year. The decision favored the Revenue, with costs not awarded to either party. Case-Laws Income Tax Tue, 31 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11461