https://www.taxtmi.com/highlights?id=96819 Addition for revaluation of closing stock was contested on the ground that the assessee had previously provided for diminution in value of old/damaged stock and revalued closing stock for the year with a quantified reduction of Rs. 26,88,599, not the higher figure estimated by the AO; the Tribunal accepted the lower figure. The Tribunal found the valuation procedure-branch head physical verification, Director of Societies supervision, auditor approval-scientific and reasonable and, since audited books were not rejected under Section 145(3), held the AO's addition on stock valuation unjustified. en-us Thu, 12 Feb 2026 10:29:40 +0530 Thu, 12 Feb 2026 10:29:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=96819 Addition for revaluation of closing stock was contested on the ground that the assessee had previously provided for diminution in value of old/damaged stock and revalued closing stock for the year with a quantified reduction of Rs. 26,88,599, not the higher figure estimated by the AO; the Tribunal accepted the lower figure. The Tribunal found the valuation procedure-branch head physical verification, Director of Societies supervision, auditor approval-scientific and reasonable and, since audited books were not rejected under Section 145(3), held the AO's addition on stock valuation unjustified. Highlights Income Tax Thu, 12 Feb 2026 10:29:40 +0530 https://www.taxtmi.com/highlights?id=96819