https://www.taxtmi.com/caselaws?id=35978 The High Court upheld the Tribunal's decision to reject the assessee's method of valuing work-in-progress and not accept the change in valuation method for taxation purposes. The court found that the assessee's method was not in line with recognized accounting principles and that the Tribunal's findings were justified. The court emphasized the need for tax authorities to consider foreseeable losses in incomplete contracts and concluded that there was no reason to deviate from the method consistently followed in the past. en-us Thu, 15 Nov 1979 00:00:00 +0530 Thu, 18 Mar 2010 12:32:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35978 The High Court upheld the Tribunal's decision to reject the assessee's method of valuing work-in-progress and not accept the change in valuation method for taxation purposes. The court found that the assessee's method was not in line with recognized accounting principles and that the Tribunal's findings were justified. The court emphasized the need for tax authorities to consider foreseeable losses in incomplete contracts and concluded that there was no reason to deviate from the method consistently followed in the past. Case-Laws Income Tax Thu, 15 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35978