https://www.taxtmi.com/caselaws?id=12556 Valuation of closing stock depends on the nature of the asset and surrounding circumstances and cannot be determined by a rigid mathematical formula; it must be estimated reasonably on the facts before the authority. On the material considered, the Tribunal's finding on closing stock valuation was not shown to be perverse, and no defect in factual appreciation was established. As no referable question of law arose from that finding, the reference application under section 256(2) of the Income-tax Act, 1961 was dismissed. en-us Tue, 02 Dec 1997 00:00:00 +0530 Wed, 20 May 2009 11:16:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12556 Valuation of closing stock depends on the nature of the asset and surrounding circumstances and cannot be determined by a rigid mathematical formula; it must be estimated reasonably on the facts before the authority. On the material considered, the Tribunal's finding on closing stock valuation was not shown to be perverse, and no defect in factual appreciation was established. As no referable question of law arose from that finding, the reference application under section 256(2) of the Income-tax Act, 1961 was dismissed. Case-Laws Income Tax Tue, 02 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12556