https://www.taxtmi.com/caselaws?id=20224 The judgment favored the Revenue in both issues presented. The High Court held that the closing stock must be valued based on the price prevailing on December 31, 1974, rejecting the assessee's method of using prices announced for the following quarter. Additionally, the anticipated loss claimed by the assessee on a purchase contract for copper cathodes was disallowed as no material was purchased during the accounting year, leading to the conclusion that the loss could not be deducted. en-us Mon, 28 Mar 1994 00:00:00 +0530 Thu, 12 Nov 2009 15:31:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20224 The judgment favored the Revenue in both issues presented. The High Court held that the closing stock must be valued based on the price prevailing on December 31, 1974, rejecting the assessee's method of using prices announced for the following quarter. Additionally, the anticipated loss claimed by the assessee on a purchase contract for copper cathodes was disallowed as no material was purchased during the accounting year, leading to the conclusion that the loss could not be deducted. Case-Laws Income Tax Mon, 28 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20224