https://www.taxtmi.com/highlights?id=50113 Diminution of value and depreciation of closing stock - if the market value of the closing stock is more than the cost, as profit cannot be brought to tax on notional basis. - The items were in fact sold in the subsequent year at a price less than 10% of the cost. It could not be said that valuation of obsolete item made by assessee was not proper. en-us Fri, 08 Nov 2019 08:21:37 +0530 Fri, 08 Nov 2019 08:21:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=50113 Diminution of value and depreciation of closing stock - if the market value of the closing stock is more than the cost, as profit cannot be brought to tax on notional basis. - The items were in fact sold in the subsequent year at a price less than 10% of the cost. It could not be said that valuation of obsolete item made by assessee was not proper. Highlights Income Tax Fri, 08 Nov 2019 08:21:37 +0530 https://www.taxtmi.com/highlights?id=50113