https://www.taxtmi.com/caselaws?id=370162 The appeal was against the addition of Rs. 53,03,690 towards the value of closing stock by the Commissioner of Income Tax (Appeals). The main issue was whether the value of closing stock of land, determined by the Assessing Officer and confirmed by the Commissioner, was appropriate. The Tribunal disagreed with the method used by the Revenue Authorities to estimate the land value and directed the Assessing Officer to determine the closing stock value of land based on the market value in the State Government Revenue records or the actual cost of the land including development charges, whichever is lower. The appeal was partly allowed, emphasizing the importance of accurate valuation of closing stock in real estate business. en-us Wed, 25 Jul 2018 00:00:00 +0530 Mon, 12 Nov 2018 07:06:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370162 The appeal was against the addition of Rs. 53,03,690 towards the value of closing stock by the Commissioner of Income Tax (Appeals). The main issue was whether the value of closing stock of land, determined by the Assessing Officer and confirmed by the Commissioner, was appropriate. The Tribunal disagreed with the method used by the Revenue Authorities to estimate the land value and directed the Assessing Officer to determine the closing stock value of land based on the market value in the State Government Revenue records or the actual cost of the land including development charges, whichever is lower. The appeal was partly allowed, emphasizing the importance of accurate valuation of closing stock in real estate business. Case-Laws Income Tax Wed, 25 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370162