https://www.taxtmi.com/caselaws?id=30764 The court upheld the Tribunal's decision in an appeal regarding the valuation of stock for income tax assessment. It found that the assessee's change in stock valuation method was bona fide and in compliance with Accounting Standard 2. The court emphasized that discrepancies in income due to such changes are acceptable in the initial year and should not be taxed if made in good faith. It concluded that no substantial legal question arose, supporting the Tribunal's decision and highlighting the importance of adhering to accounting standards in stock valuation. en-us Wed, 06 Jun 2007 00:00:00 +0530 Tue, 23 Sep 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30764 The court upheld the Tribunal's decision in an appeal regarding the valuation of stock for income tax assessment. It found that the assessee's change in stock valuation method was bona fide and in compliance with Accounting Standard 2. The court emphasized that discrepancies in income due to such changes are acceptable in the initial year and should not be taxed if made in good faith. It concluded that no substantial legal question arose, supporting the Tribunal's decision and highlighting the importance of adhering to accounting standards in stock valuation. Case-Laws Income Tax Wed, 06 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30764