https://www.taxtmi.com/caselaws?id=368008 The Tribunal set aside the Principal Commissioner's order under Section 263, ruling in favor of the assessee. It held that the consistent method of valuation of closing stock was valid and could not be altered without specific evidence of defects. The Assessing Officer's enquiries were deemed adequate, and the Tribunal found the assumption of jurisdiction under Section 263 unwarranted. Consequently, the assessment order under Section 143(3) was upheld. en-us Wed, 12 Sep 2018 00:00:00 +0530 Sat, 29 Sep 2018 14:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368008 The Tribunal set aside the Principal Commissioner's order under Section 263, ruling in favor of the assessee. It held that the consistent method of valuation of closing stock was valid and could not be altered without specific evidence of defects. The Assessing Officer's enquiries were deemed adequate, and the Tribunal found the assumption of jurisdiction under Section 263 unwarranted. Consequently, the assessment order under Section 143(3) was upheld. Case-Laws Income Tax Wed, 12 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368008