https://www.taxtmi.com/caselaws?id=760150 The HC dismissed the Revenue's appeal, affirming the ITAT's order that no addition was required for the opening stock, as doing so would lead to double taxation. The ITAT concluded that the closing stock from the previous year should be treated as the opening stock for the current year, ensuring a tax-neutral outcome. The HC found no substantial questions of law in the Tribunal's decision, underscoring the necessity of preventing double taxation in stock valuation. en-us Tue, 23 Jan 2024 00:00:00 +0530 Tue, 15 Oct 2024 18:24:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760150 The HC dismissed the Revenue's appeal, affirming the ITAT's order that no addition was required for the opening stock, as doing so would lead to double taxation. The ITAT concluded that the closing stock from the previous year should be treated as the opening stock for the current year, ensuring a tax-neutral outcome. The HC found no substantial questions of law in the Tribunal's decision, underscoring the necessity of preventing double taxation in stock valuation. Case-Laws Income Tax Tue, 23 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760150