https://www.taxtmi.com/caselaws?id=284432 The Supreme Court upheld the High Court's decision that the assessee's method of valuing closing stock inflated profits and deductions under Section 80 HHC. The Court emphasized the need for accounting methods to reflect true income, rejecting notional profits. The Assessing Officer's powers under Section 145 were deemed properly exercised in determining the income. The appeal was dismissed, affirming that income not actually derived cannot be taxed. en-us Thu, 24 Nov 2005 00:00:00 +0530 Mon, 18 Nov 2019 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284432 The Supreme Court upheld the High Court's decision that the assessee's method of valuing closing stock inflated profits and deductions under Section 80 HHC. The Court emphasized the need for accounting methods to reflect true income, rejecting notional profits. The Assessing Officer's powers under Section 145 were deemed properly exercised in determining the income. The appeal was dismissed, affirming that income not actually derived cannot be taxed. Case-Laws Income Tax Thu, 24 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284432