https://www.taxtmi.com/caselaws?id=21062 The Appellate Tribunal was correct in upholding the deletion of additions to the Molasses Storage Fund by the assessee for erecting storage facilities, as the amounts were diverted by statutory orders and did not constitute income. Additionally, the Tribunal rightly directed the Income-tax Officer to allow the deduction claimed by the assessee for the difference in stock valuation, as the new method adopted reflected the true income and complied with statutory requirements. The court emphasized the importance of reflecting real income and upheld the decisions in favor of the assessee, highlighting the assessing officer's duty to ensure accurate accounting practices. en-us Fri, 16 Oct 1992 00:00:00 +0530 Thu, 19 Nov 2009 17:26:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21062 The Appellate Tribunal was correct in upholding the deletion of additions to the Molasses Storage Fund by the assessee for erecting storage facilities, as the amounts were diverted by statutory orders and did not constitute income. Additionally, the Tribunal rightly directed the Income-tax Officer to allow the deduction claimed by the assessee for the difference in stock valuation, as the new method adopted reflected the true income and complied with statutory requirements. The court emphasized the importance of reflecting real income and upheld the decisions in favor of the assessee, highlighting the assessing officer's duty to ensure accurate accounting practices. Case-Laws Income Tax Fri, 16 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21062