https://www.taxtmi.com/caselaws?id=22269 The High Court of Calcutta upheld the Tribunal's decision to delete the addition of Rs. 11,49,000 made by the Income-tax Officer on account of undervaluation of closing stock of tea for the assessment year 1978-79. The Court found the change in the method of valuation of closing stock to be bona fide and consistent with the assessee's valuation practices, in line with previous years and similar cases. The judgment emphasized the factual inquiry into the bona fide nature of accounting method changes and the importance of consistent valuation practices in financial statements. en-us Wed, 21 Feb 1990 00:00:00 +0530 Tue, 08 Dec 2009 15:47:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22269 The High Court of Calcutta upheld the Tribunal's decision to delete the addition of Rs. 11,49,000 made by the Income-tax Officer on account of undervaluation of closing stock of tea for the assessment year 1978-79. The Court found the change in the method of valuation of closing stock to be bona fide and consistent with the assessee's valuation practices, in line with previous years and similar cases. The judgment emphasized the factual inquiry into the bona fide nature of accounting method changes and the importance of consistent valuation practices in financial statements. Case-Laws Income Tax Wed, 21 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22269