https://www.taxtmi.com/caselaws?id=28406 A bona fide, consistently followed change in the method of valuing closing stock from market value to the lower of cost or market value was accepted as a recognised accounting method, and the revised valuation was permitted for income-tax purposes. Reimbursement of employees' medical expenses in cash was held not to form part of the value of benefit, amenity or perquisite for disallowance under the relevant limits in the Income-tax Act. Both points were decided against the Revenue and in favour of the assessee. en-us Mon, 06 Dec 1982 00:00:00 +0530 Mon, 22 Feb 2010 12:45:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28406 A bona fide, consistently followed change in the method of valuing closing stock from market value to the lower of cost or market value was accepted as a recognised accounting method, and the revised valuation was permitted for income-tax purposes. Reimbursement of employees' medical expenses in cash was held not to form part of the value of benefit, amenity or perquisite for disallowance under the relevant limits in the Income-tax Act. Both points were decided against the Revenue and in favour of the assessee. Case-Laws Income Tax Mon, 06 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28406