https://www.taxtmi.com/caselaws?id=11517 The court ruled against the assessee, upholding the Assessing Officer's authority to alter the method of accounting under section 145 of the Income-tax Act. The court found the assessee's valuation of closing stock at a higher market rate to be a device for tax avoidance, leading to distorted profits. The court emphasized the separate nature of each assessment year and upheld the principle of valuing stock at the lower of cost or market value. Consequently, the appeals were allowed in favor of the Department, with no costs awarded. en-us Wed, 11 Dec 2002 00:00:00 +0530 Tue, 11 Aug 2009 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11517 The court ruled against the assessee, upholding the Assessing Officer's authority to alter the method of accounting under section 145 of the Income-tax Act. The court found the assessee's valuation of closing stock at a higher market rate to be a device for tax avoidance, leading to distorted profits. The court emphasized the separate nature of each assessment year and upheld the principle of valuing stock at the lower of cost or market value. Consequently, the appeals were allowed in favor of the Department, with no costs awarded. Case-Laws Income Tax Wed, 11 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11517