https://www.taxtmi.com/caselaws?id=442849 The Tribunal overturned the Ld CIT(A)'s decision and directed the AO to accept the assessee's revaluation of closing stock based on the principle of Prudence. The Tribunal found that the reduction in stock value was justified, leading to the deletion of the additional income imposed on the assessee. Consequently, the appeal by the assessee was successful. en-us Fri, 11 Aug 2023 00:00:00 +0530 Tue, 12 Sep 2023 09:24:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442849 The Tribunal overturned the Ld CIT(A)'s decision and directed the AO to accept the assessee's revaluation of closing stock based on the principle of Prudence. The Tribunal found that the reduction in stock value was justified, leading to the deletion of the additional income imposed on the assessee. Consequently, the appeal by the assessee was successful. Case-Laws Income Tax Fri, 11 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442849