https://www.taxtmi.com/caselaws?id=34607 The High Court upheld the valuation of obsolete stores at 10% of the cost by the Commissioner of Income-tax (Appeals), ruling in favor of the assessee and dismissing the appeal. The Court emphasized that the assessee's valuation method should be acknowledged and not solely rejected based on estimated net realizable value, noting the efforts made by the assessee to dispose of the obsolete inventory. The decision was based on a thorough examination of records, ultimately favoring the assessee over the Revenue. en-us Wed, 14 Jan 2009 00:00:00 +0530 Tue, 22 Sep 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34607 The High Court upheld the valuation of obsolete stores at 10% of the cost by the Commissioner of Income-tax (Appeals), ruling in favor of the assessee and dismissing the appeal. The Court emphasized that the assessee's valuation method should be acknowledged and not solely rejected based on estimated net realizable value, noting the efforts made by the assessee to dispose of the obsolete inventory. The decision was based on a thorough examination of records, ultimately favoring the assessee over the Revenue. Case-Laws Income Tax Wed, 14 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34607