https://www.taxtmi.com/caselaws?id=397064 Whether non-maintenance of stock register warranted rejection of books under s.145(3): ITAT held that where a taxpayer dealing in numerous small items consistently performs year-end physical stock verification and no other defect exists in accounts, mere absence of stock registers does not render books unreliable; rejection on that ground was unwarranted - books upheld. Whether adoption of an incorrect stock-valuation method justified rejection: ITAT held that non-compliance with an accounting standard or incorrect valuation does not automatically invalidate accounts; AO must apply the correct valuation method and recompute taxable profits - matter remitted to AO for fresh determination. en-us Tue, 30 Jun 2020 00:00:00 +0530 Mon, 19 Jan 2026 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397064 Whether non-maintenance of stock register warranted rejection of books under s.145(3): ITAT held that where a taxpayer dealing in numerous small items consistently performs year-end physical stock verification and no other defect exists in accounts, mere absence of stock registers does not render books unreliable; rejection on that ground was unwarranted - books upheld. Whether adoption of an incorrect stock-valuation method justified rejection: ITAT held that non-compliance with an accounting standard or incorrect valuation does not automatically invalidate accounts; AO must apply the correct valuation method and recompute taxable profits - matter remitted to AO for fresh determination. Case-Laws Income Tax Tue, 30 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397064