https://www.taxtmi.com/caselaws?id=13645 The High Court held that the absence of explicit reference to section 145 in the Assessing Officer's order does not invalidate proceedings if the criteria outlined in the section have been met. The court upheld the valuation of closing stock by the Assessing Officer under the Income-tax Act based on the lowest applicable cost, rejecting the appellant's claim of lower market value due to lack of evidence. Additionally, the court ruled that the valuation of closing stock accepted under the U.P. Trade Tax Act does not bind the Income-tax Department, as decisions under each Act hold different relevance. The appeal was dismissed. en-us Mon, 24 Apr 2006 00:00:00 +0530 Sat, 30 May 2009 17:36:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13645 The High Court held that the absence of explicit reference to section 145 in the Assessing Officer's order does not invalidate proceedings if the criteria outlined in the section have been met. The court upheld the valuation of closing stock by the Assessing Officer under the Income-tax Act based on the lowest applicable cost, rejecting the appellant's claim of lower market value due to lack of evidence. Additionally, the court ruled that the valuation of closing stock accepted under the U.P. Trade Tax Act does not bind the Income-tax Department, as decisions under each Act hold different relevance. The appeal was dismissed. Case-Laws Income Tax Mon, 24 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13645