https://www.taxtmi.com/caselaws?id=49366 The Supreme Court allowed the appeal, concluding that the Income-tax Officer was not bound by the assessee's choice of the cash system of accounting and could add the value of the stock-in-trade at the end of the year. The Court emphasized the importance of considering the stock-in-trade in computing taxable income for an accurate assessment of profits. The Commissioner was entitled to costs in both the Supreme Court and the High Court. en-us Thu, 16 Apr 1964 00:00:00 +0530 Sat, 23 Aug 2014 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49366 The Supreme Court allowed the appeal, concluding that the Income-tax Officer was not bound by the assessee's choice of the cash system of accounting and could add the value of the stock-in-trade at the end of the year. The Court emphasized the importance of considering the stock-in-trade in computing taxable income for an accurate assessment of profits. The Commissioner was entitled to costs in both the Supreme Court and the High Court. Case-Laws Income Tax Thu, 16 Apr 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49366