https://www.taxtmi.com/caselaws?id=17106 The High Court upheld the Tribunal's decision in favor of the assessee, ruling against the Revenue. It found the change in accounting method for valuing closing stock genuine and bona fide, leading to the deletion of the disallowance. The Court emphasized the importance of accurately reflecting profits and accepted the assessee's reasoning for excluding the alloy in molten form from closing stock valuation. The judgment highlighted the need for legitimate changes in accounting methods to align with commercial practices and ensure a true representation of business profits. en-us Tue, 09 Jul 1996 00:00:00 +0530 Tue, 15 Sep 2009 12:34:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17106 The High Court upheld the Tribunal's decision in favor of the assessee, ruling against the Revenue. It found the change in accounting method for valuing closing stock genuine and bona fide, leading to the deletion of the disallowance. The Court emphasized the importance of accurately reflecting profits and accepted the assessee's reasoning for excluding the alloy in molten form from closing stock valuation. The judgment highlighted the need for legitimate changes in accounting methods to align with commercial practices and ensure a true representation of business profits. Case-Laws Income Tax Tue, 09 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17106