https://www.taxtmi.com/caselaws?id=31980 The case involved an appeal under Section 260A of the Income Tax Act, 1961 regarding the valuation of opening and closing stock for income computation. The dispute centered on whether the Assessing Officer should re-compute income by adopting the value of opening and closing stock at cost or market price, whichever is lower. The Court upheld the ITAT's decision that opening and closing stock should be valued on the same basis and dismissed the appeal as no substantial question of law arose. Additionally, the Court found the revision of the return to change the stock valuation method was legally justified under section 139(5) to ensure accurate income computation. en-us Mon, 22 Dec 2008 00:00:00 +0530 Sun, 04 Jan 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31980 The case involved an appeal under Section 260A of the Income Tax Act, 1961 regarding the valuation of opening and closing stock for income computation. The dispute centered on whether the Assessing Officer should re-compute income by adopting the value of opening and closing stock at cost or market price, whichever is lower. The Court upheld the ITAT's decision that opening and closing stock should be valued on the same basis and dismissed the appeal as no substantial question of law arose. Additionally, the Court found the revision of the return to change the stock valuation method was legally justified under section 139(5) to ensure accurate income computation. Case-Laws Income Tax Mon, 22 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31980