https://www.taxtmi.com/caselaws?id=290446 The court concluded that in the assessment for the year 1926-27, the company's stock should be valued accurately at both the beginning and the end of the year. The court emphasized the importance of correcting errors in stock valuation to ascertain true profits and rejected the rigid application of accounting principles that perpetuate errors. The court also highlighted the need for explicit charges and evidence when alleging fraud or dishonesty in financial reporting. The judgment directed that the assessment should be varied by valuing the company's stocks at their true valuation at both the beginning and the end of the year. The costs of the reference were to be borne by the Commissioner. 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 The court concluded that in the assessment for the year 1926-27, the company's stock should be valued accurately at both the beginning and the end of the year. The court emphasized the importance of correcting errors in stock valuation to ascertain true profits and rejected the rigid application of accounting principles that perpetuate errors. The court also highlighted the need for explicit charges and evidence when alleging fraud or dishonesty in financial reporting. The judgment directed that the assessment should be varied by valuing the company's stocks at their true valuation at both the beginning and the end of the year. The costs of the reference were to be borne by the Commissioner. Case-Laws Income Tax Tue, 28 Feb 1928 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290446