https://www.taxtmi.com/caselaws?id=362648 The High Court of Calcutta clarified that a taxpayer could value closing stock at cost or market value for income tax returns, emphasizing the determination of real income and the freedom to choose accounting methods. The court set aside the tribunal's order on stock valuation method, directing revision based on the judgment for a more accurate income determination. In a related case, the court reiterated this decision, instructing the tribunal to revise its order within three months. The importance of consistency in valuation methods for stock-in-trade and accurate real income determination for tax purposes was highlighted. en-us Wed, 27 Jun 2018 00:00:00 +0530 Fri, 29 Jun 2018 07:17:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362648 The High Court of Calcutta clarified that a taxpayer could value closing stock at cost or market value for income tax returns, emphasizing the determination of real income and the freedom to choose accounting methods. The court set aside the tribunal's order on stock valuation method, directing revision based on the judgment for a more accurate income determination. In a related case, the court reiterated this decision, instructing the tribunal to revise its order within three months. The importance of consistency in valuation methods for stock-in-trade and accurate real income determination for tax purposes was highlighted. Case-Laws Income Tax Wed, 27 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362648