https://www.taxtmi.com/caselaws?id=290446 In computing assessable business profits, stock-in-trade must be valued at its true figure at both the beginning and the end of the year so that the year's profits reflect reality. An erroneous opening stock valuation cannot be left unchanged merely because it carried forward from the prior year and then corrected only at closing, as that would distort profits by preserving a fictitious figure. The court distinguished earlier authority on the basis that it did not require an incorrect opening balance to be maintained. It also noted that there was no proved material of fraud or dishonest manipulation, and that other statutory provisions addressed improper undervaluation. en-us Tue, 28 Feb 1928 00:00:00 +0530 Sat, 26 Sep 2020 12:06:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290446 In computing assessable business profits, stock-in-trade must be valued at its true figure at both the beginning and the end of the year so that the year's profits reflect reality. An erroneous opening stock valuation cannot be left unchanged merely because it carried forward from the prior year and then corrected only at closing, as that would distort profits by preserving a fictitious figure. The court distinguished earlier authority on the basis that it did not require an incorrect opening balance to be maintained. It also noted that there was no proved material of fraud or dishonest manipulation, and that other statutory provisions addressed improper undervaluation. Case-Laws Income Tax Tue, 28 Feb 1928 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290446