https://www.taxtmi.com/caselaws?id=773957 Revisional proceedings under section 263 completed without effective hearing were set aside, with the matter restored for fresh adjudication after affording the assessee an opportunity to raise all legal contentions. On valuation, it was held that where VAT is added to closing stock under section 145A, corresponding adjustments must also be made to purchases, sales and opening stock. The Assessing Officer was directed to give effect to the matching adjustments required by the statutory valuation method. en-us Mon, 26 May 2025 00:00:00 +0530 Tue, 01 Jul 2025 08:47:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773957 Revisional proceedings under section 263 completed without effective hearing were set aside, with the matter restored for fresh adjudication after affording the assessee an opportunity to raise all legal contentions. On valuation, it was held that where VAT is added to closing stock under section 145A, corresponding adjustments must also be made to purchases, sales and opening stock. The Assessing Officer was directed to give effect to the matching adjustments required by the statutory valuation method. Case-Laws Income Tax Mon, 26 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773957