https://www.taxtmi.com/caselaws?id=39346 In reassessment, real profits cannot be properly determined if both opening and closing stock are undervalued, but an assessee must raise any claim for corresponding opening stock adjustment at the proper stage. Here, the assessee filed a revised return revaluing only the closing stock and did not seek revaluation of the opening stock before the Income-tax Officer or place the necessary material before the appellate authorities in time. The claim could not therefore be raised for the first time in appeal, and the reassessment was confined to the revised figure adopted by the assessee. en-us Mon, 05 Aug 1974 00:00:00 +0530 Thu, 15 Apr 2010 17:13:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39346 In reassessment, real profits cannot be properly determined if both opening and closing stock are undervalued, but an assessee must raise any claim for corresponding opening stock adjustment at the proper stage. Here, the assessee filed a revised return revaluing only the closing stock and did not seek revaluation of the opening stock before the Income-tax Officer or place the necessary material before the appellate authorities in time. The claim could not therefore be raised for the first time in appeal, and the reassessment was confined to the revised figure adopted by the assessee. Case-Laws Income Tax Mon, 05 Aug 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39346