https://www.taxtmi.com/caselaws?id=11761 The High Court upheld the Tribunal's decision, emphasizing the need for concrete evidence to support a reduction in closing stock valuation linked to the opening stock. The judgment clarified that the Deputy Commissioner's directive to add an amount did not automatically warrant a reduction in closing stock value. The decision highlighted the importance of establishing a clear connection between the opening and closing stock to justify adjustments in valuation. The judgment favored the Revenue, dismissing the income-tax reference. en-us Fri, 28 Feb 2003 00:00:00 +0530 Sun, 07 Feb 2010 20:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11761 The High Court upheld the Tribunal's decision, emphasizing the need for concrete evidence to support a reduction in closing stock valuation linked to the opening stock. The judgment clarified that the Deputy Commissioner's directive to add an amount did not automatically warrant a reduction in closing stock value. The decision highlighted the importance of establishing a clear connection between the opening and closing stock to justify adjustments in valuation. The judgment favored the Revenue, dismissing the income-tax reference. Case-Laws Income Tax Fri, 28 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11761