https://www.taxtmi.com/caselaws?id=21287 The case involved a dispute over the valuation of closing stock for M/s. Doom Dooma Tea Company Ltd. in its first year of business. The Supreme Court upheld the assessee's valuation at manufacturing cost, citing precedents allowing the assessee to choose the accounting method for stock valuation. The judgment favored the assessee, emphasizing the importance of consistency in accounting practices. The decision ruled in favor of the assessee against the Revenue, with no costs awarded, and will be transmitted to the Appellate Tribunal. Judge N. G. Das concurred with the judgment. en-us Fri, 04 Dec 1992 00:00:00 +0530 Sat, 21 Nov 2009 12:30:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21287 The case involved a dispute over the valuation of closing stock for M/s. Doom Dooma Tea Company Ltd. in its first year of business. The Supreme Court upheld the assessee's valuation at manufacturing cost, citing precedents allowing the assessee to choose the accounting method for stock valuation. The judgment favored the assessee, emphasizing the importance of consistency in accounting practices. The decision ruled in favor of the assessee against the Revenue, with no costs awarded, and will be transmitted to the Appellate Tribunal. Judge N. G. Das concurred with the judgment. Case-Laws Income Tax Fri, 04 Dec 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21287