https://www.taxtmi.com/caselaws?id=290449 The High Court upheld the Tribunal's decisions on various issues, including the valuation of work-in-progress and finished goods, the change in valuation of closing stock and corresponding opening stock, deductibility of expenses for buying back shares, and the inclusion of proceeds from the sale of raw material and stores in total turnover for Section 80HHC deduction. The Court affirmed that both opening and closing stock valuations must be consistent, expenses for share buy-backs are revenue in nature, and proceeds from sales and interest components should be excluded from total turnover for deductions. en-us Fri, 31 Oct 2014 00:00:00 +0530 Fri, 27 Nov 2020 14:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290449 The High Court upheld the Tribunal's decisions on various issues, including the valuation of work-in-progress and finished goods, the change in valuation of closing stock and corresponding opening stock, deductibility of expenses for buying back shares, and the inclusion of proceeds from the sale of raw material and stores in total turnover for Section 80HHC deduction. The Court affirmed that both opening and closing stock valuations must be consistent, expenses for share buy-backs are revenue in nature, and proceeds from sales and interest components should be excluded from total turnover for deductions. Case-Laws Income Tax Fri, 31 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290449