https://www.taxtmi.com/caselaws?id=786422 Assessee's revaluation of old and damaged closing stock was performed via year-end stock verification, branch-level identification, director supervision and auditor approval, producing a quantified reduction of Rs.26,88,599 which the AO overstated. Tribunal found the valuation method scientific and reasonable, not arbitrary, and noted audited books were not rejected under the applicable accounting acceptance rule; consequence: the addition made by the assessing officer for alleged undervaluation of closing stock is unwarranted and is therefore held unjustified. en-us Tue, 10 Feb 2026 00:00:00 +0530 Thu, 12 Feb 2026 09:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786422 Assessee's revaluation of old and damaged closing stock was performed via year-end stock verification, branch-level identification, director supervision and auditor approval, producing a quantified reduction of Rs.26,88,599 which the AO overstated. Tribunal found the valuation method scientific and reasonable, not arbitrary, and noted audited books were not rejected under the applicable accounting acceptance rule; consequence: the addition made by the assessing officer for alleged undervaluation of closing stock is unwarranted and is therefore held unjustified. Case-Laws Income Tax Tue, 10 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786422