https://www.taxtmi.com/caselaws?id=289677 An assessee that valued closing stock at market price in one year and obtained assessment on that basis could not, in the next year, substitute the original purchase price as opening stock for the same goods. The court applied the principle that stock valuation for determining yearly profit must be carried forward consistently, unless the earlier market valuation is shown to have been mistaken. Allowing the purchase price to be adopted again would effectively permit the same loss to be claimed twice across different accounting periods. The assessee's revised opening stock treatment was therefore rejected and the consistency-based valuation principle was affirmed. en-us Fri, 23 Jan 1925 00:00:00 +0530 Thu, 13 Aug 2020 16:30:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289677 An assessee that valued closing stock at market price in one year and obtained assessment on that basis could not, in the next year, substitute the original purchase price as opening stock for the same goods. The court applied the principle that stock valuation for determining yearly profit must be carried forward consistently, unless the earlier market valuation is shown to have been mistaken. Allowing the purchase price to be adopted again would effectively permit the same loss to be claimed twice across different accounting periods. The assessee's revised opening stock treatment was therefore rejected and the consistency-based valuation principle was affirmed. Case-Laws Income Tax Fri, 23 Jan 1925 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289677