https://www.taxtmi.com/caselaws?id=356277 The Tribunal upheld the CIT(A)'s decision in an appeal against the addition of closing stock valuation in the income tax assessment for AY 2008-09. The appellant's change in valuation method was found to be in line with Accounting Standard (AS-2) and not aimed at reducing taxable income. The addition was restricted to Rs. 1,98,230 for non-allocation of depreciation, and the Revenue's appeal was dismissed. en-us Mon, 19 Feb 2018 00:00:00 +0530 Wed, 28 Feb 2018 06:31:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356277 The Tribunal upheld the CIT(A)'s decision in an appeal against the addition of closing stock valuation in the income tax assessment for AY 2008-09. The appellant's change in valuation method was found to be in line with Accounting Standard (AS-2) and not aimed at reducing taxable income. The addition was restricted to Rs. 1,98,230 for non-allocation of depreciation, and the Revenue's appeal was dismissed. Case-Laws Income Tax Mon, 19 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356277