https://www.taxtmi.com/caselaws?id=31152 The Court dismissed the appeals under Section 260A of the Income Tax Act, 1961, concerning the valuation of opening stock and adjustment of unutilized MODVAT credit. The revenue's contention of undue benefit to the assessee through revaluation was rejected, emphasizing consistent application of accounting principles. The decision, based on the Indo Nippon Chemicals Co. Ltd. case, affirmed that no substantial question of law arose, leading to the dismissal of the appeals. en-us Mon, 25 Feb 2008 00:00:00 +0530 Mon, 20 Oct 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31152 The Court dismissed the appeals under Section 260A of the Income Tax Act, 1961, concerning the valuation of opening stock and adjustment of unutilized MODVAT credit. The revenue's contention of undue benefit to the assessee through revaluation was rejected, emphasizing consistent application of accounting principles. The decision, based on the Indo Nippon Chemicals Co. Ltd. case, affirmed that no substantial question of law arose, leading to the dismissal of the appeals. Case-Laws Income Tax Mon, 25 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31152