https://www.taxtmi.com/caselaws?id=11719 The court upheld the method of valuation of closing stock, known as "last in and first out," adopted by the assessee for the assessment year 1991-92. Despite the Revenue's challenge and reliance on a Supreme Court decision emphasizing profit computation in the interest of administration, the court sided with the Commissioner of Income-tax (Appeals) in accepting the mean adopted by the assessee. The Tribunal found the method of averaging the rates of opening stock and purchases appropriate due to their intermingling, ultimately rejecting the Revenue's appeal and determining no referable question of law. The income-tax reference was consequently dismissed without costs. en-us Mon, 21 Apr 2003 00:00:00 +0530 Sat, 06 Feb 2010 16:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11719 The court upheld the method of valuation of closing stock, known as "last in and first out," adopted by the assessee for the assessment year 1991-92. Despite the Revenue's challenge and reliance on a Supreme Court decision emphasizing profit computation in the interest of administration, the court sided with the Commissioner of Income-tax (Appeals) in accepting the mean adopted by the assessee. The Tribunal found the method of averaging the rates of opening stock and purchases appropriate due to their intermingling, ultimately rejecting the Revenue's appeal and determining no referable question of law. The income-tax reference was consequently dismissed without costs. Case-Laws Income Tax Mon, 21 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11719