https://www.taxtmi.com/caselaws?id=277349 For income-tax computation, opening stock in a succeeding year must ordinarily be taken at the value fixed for the corresponding closing stock in the preceding year. Where an assessee has valued closing stock at market price in one year and been assessed on that basis, it cannot revalue the same opening stock at purchase cost in the next year merely to alter trading profit or loss. The principle prevents the same loss from being claimed more than once and preserves consistency in mercantile accounting. The earlier accepted valuation remains binding unless a mistake in that valuation is shown. en-us Thu, 22 Jan 1925 00:00:00 +0530 Sat, 01 Dec 2018 15:20:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277349 For income-tax computation, opening stock in a succeeding year must ordinarily be taken at the value fixed for the corresponding closing stock in the preceding year. Where an assessee has valued closing stock at market price in one year and been assessed on that basis, it cannot revalue the same opening stock at purchase cost in the next year merely to alter trading profit or loss. The principle prevents the same loss from being claimed more than once and preserves consistency in mercantile accounting. The earlier accepted valuation remains binding unless a mistake in that valuation is shown. Case-Laws Income Tax Thu, 22 Jan 1925 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277349