https://www.taxtmi.com/caselaws?id=441301 The Tribunal allowed the appeal, deleting the addition on account of stock valuation. It held that the assessee's valuation based on net realizable value was acceptable, especially as the sales tax returns were accepted by the commercial tax department. The Tribunal emphasized that unless the Sales Tax Act authority disputed the closing stock, the income tax authorities were bound by the commercial tax department's acceptance. The Assessing Officer lacked jurisdiction to challenge the accepted return, leading to the deletion of the addition in favor of the assessee. en-us Wed, 26 Jul 2023 00:00:00 +0530 Fri, 04 Aug 2023 10:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441301 The Tribunal allowed the appeal, deleting the addition on account of stock valuation. It held that the assessee's valuation based on net realizable value was acceptable, especially as the sales tax returns were accepted by the commercial tax department. The Tribunal emphasized that unless the Sales Tax Act authority disputed the closing stock, the income tax authorities were bound by the commercial tax department's acceptance. The Assessing Officer lacked jurisdiction to challenge the accepted return, leading to the deletion of the addition in favor of the assessee. Case-Laws Income Tax Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441301