https://www.taxtmi.com/caselaws?id=396289 The Tribunal allowed the assessee's appeal, affirming the Assessing Officer's method for valuing the closing stock using an average GP rate. It emphasized the need for a valid basis for valuation methods and consistency in their application. The Tribunal directed the revaluation of the opening stock based on the closing stock valuation method, stating that the same rate should apply to both opening and closing stock valuation, with the closing stock value becoming the opening stock value for the next assessment year. en-us Fri, 20 Mar 2020 00:00:00 +0530 Mon, 29 Jun 2020 09:44:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396289 The Tribunal allowed the assessee's appeal, affirming the Assessing Officer's method for valuing the closing stock using an average GP rate. It emphasized the need for a valid basis for valuation methods and consistency in their application. The Tribunal directed the revaluation of the opening stock based on the closing stock valuation method, stating that the same rate should apply to both opening and closing stock valuation, with the closing stock value becoming the opening stock value for the next assessment year. Case-Laws Income Tax Fri, 20 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396289