https://www.taxtmi.com/caselaws?id=371927 The High Court allowed the appeal filed by the assessee, setting aside the orders of the Tribunal and lower authorities. It concluded that the assessee's method of valuing the closing stock based on the "since realized price" was permissible and consistent with accounting standards. The court held that the method adopted by the assessee reflected the true state of affairs and did not lack bona fides. The High Court ruled in favor of the assessee, emphasizing the principles of conservatism and prudence in valuation methods. en-us Mon, 19 Nov 2018 00:00:00 +0530 Sat, 29 Dec 2018 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371927 The High Court allowed the appeal filed by the assessee, setting aside the orders of the Tribunal and lower authorities. It concluded that the assessee's method of valuing the closing stock based on the "since realized price" was permissible and consistent with accounting standards. The court held that the method adopted by the assessee reflected the true state of affairs and did not lack bona fides. The High Court ruled in favor of the assessee, emphasizing the principles of conservatism and prudence in valuation methods. Case-Laws Income Tax Mon, 19 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371927