https://www.taxtmi.com/caselaws?id=17092 The High Court directed the Tribunal to refer the question of law regarding the valuation of closing stock of sugar to the Court for its opinion. The Tribunal had deleted an addition made by the Revenue on account of undervaluation of closing stock, stating that the assessee had followed a regular and accepted method of valuation over several years. The Court found that the Tribunal had not provided sufficient reasons for accepting the valuation method based solely on past practice and signaled the need for a more thorough examination of the valuation methodology employed by the assessee. en-us Tue, 20 May 1997 00:00:00 +0530 Tue, 15 Sep 2009 11:33:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17092 The High Court directed the Tribunal to refer the question of law regarding the valuation of closing stock of sugar to the Court for its opinion. The Tribunal had deleted an addition made by the Revenue on account of undervaluation of closing stock, stating that the assessee had followed a regular and accepted method of valuation over several years. The Court found that the Tribunal had not provided sufficient reasons for accepting the valuation method based solely on past practice and signaled the need for a more thorough examination of the valuation methodology employed by the assessee. Case-Laws Income Tax Tue, 20 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17092