https://www.taxtmi.com/caselaws?id=408158 The Tribunal allowed the appeal, overturning the addition made on account of stock valuation. The assessee's valuation method, in line with Indian Accounting Standard - 2, was deemed acceptable, resulting in a reduction in stock value and an increase in loss for the year. The Tribunal criticized the lower authorities for not understanding the widely accepted accounting practice followed by the assessee. The order was pronounced on 21/04/2021. en-us Wed, 21 Apr 2021 00:00:00 +0530 Wed, 02 Jun 2021 08:39:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408158 The Tribunal allowed the appeal, overturning the addition made on account of stock valuation. The assessee's valuation method, in line with Indian Accounting Standard - 2, was deemed acceptable, resulting in a reduction in stock value and an increase in loss for the year. The Tribunal criticized the lower authorities for not understanding the widely accepted accounting practice followed by the assessee. The order was pronounced on 21/04/2021. Case-Laws Income Tax Wed, 21 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408158