https://www.taxtmi.com/caselaws?id=30973 The Tribunal upheld the decision of the CIT(A) and dismissed the Revenue's appeal regarding the valuation of opening stock for the assessment year 2001-02. It was held that the reduction in the opening stock valuation should be allowed to avoid double addition, as the inflated cost pertained to the closing stock of the previous year. Consequently, the appeal was dismissed, affirming the decision to grant relief to the assessee by reducing the difference in the valuation of opening stock for the said assessment year. en-us Wed, 09 Apr 2008 00:00:00 +0530 Sat, 17 Sep 2011 15:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30973 The Tribunal upheld the decision of the CIT(A) and dismissed the Revenue's appeal regarding the valuation of opening stock for the assessment year 2001-02. It was held that the reduction in the opening stock valuation should be allowed to avoid double addition, as the inflated cost pertained to the closing stock of the previous year. Consequently, the appeal was dismissed, affirming the decision to grant relief to the assessee by reducing the difference in the valuation of opening stock for the said assessment year. Case-Laws Income Tax Wed, 09 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30973