https://www.taxtmi.com/caselaws?id=403851 The Tribunal directed authorities to treat the closing stock of the assessment year 2013-14 as the opening stock for 2014-15, allowing the appellant to benefit from Net Realizable Value valuation and consider forward losses based on the opening stock value. This decision clarified the treatment of closing stock for consecutive assessment years, overturning the Commissioner's disallowance of forward losses. en-us Wed, 30 Dec 2020 00:00:00 +0530 Wed, 10 Feb 2021 09:31:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403851 The Tribunal directed authorities to treat the closing stock of the assessment year 2013-14 as the opening stock for 2014-15, allowing the appellant to benefit from Net Realizable Value valuation and consider forward losses based on the opening stock value. This decision clarified the treatment of closing stock for consecutive assessment years, overturning the Commissioner's disallowance of forward losses. Case-Laws Income Tax Wed, 30 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403851