https://www.taxtmi.com/caselaws?id=446033 ITAT Indore upheld HC's rejection of assessee's challenge to reassessment notice validity, finding no failure to disclose material facts and notice served within six-year limitation. However, ITAT deleted addition for slow/non-moving inventory provision, ruling the change from age-based to consumption-pattern basis was revenue-neutral as closing stock reduction would correspondingly reduce subsequent year's opening stock, preventing double taxation. Assessee's appeal partly allowed. en-us Fri, 25 Aug 2023 00:00:00 +0530 Thu, 23 Nov 2023 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446033 ITAT Indore upheld HC's rejection of assessee's challenge to reassessment notice validity, finding no failure to disclose material facts and notice served within six-year limitation. However, ITAT deleted addition for slow/non-moving inventory provision, ruling the change from age-based to consumption-pattern basis was revenue-neutral as closing stock reduction would correspondingly reduce subsequent year's opening stock, preventing double taxation. Assessee's appeal partly allowed. Case-Laws Income Tax Fri, 25 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446033