https://www.taxtmi.com/caselaws?id=467285 The principal issue was whether a long standing method of closing stock valuation, repeatedly adopted by the assessee and accepted by the Department, could be disturbed for a specific assessment year. The court declined to adjudicate the scientific correctness of the method but applied judicial discretion on factual and pragmatic grounds: prolonged acceptance, practical impossibility of rewriting multiple years' opening stock, and an undertaking by the assessee to discontinue the method prospectively. Applying these considerations, the HC set aside the Tribunal's order and allowed the appeal in favour of the assessee. en-us Thu, 24 Apr 2003 00:00:00 +0530 Fri, 13 Mar 2026 14:29:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467285 The principal issue was whether a long standing method of closing stock valuation, repeatedly adopted by the assessee and accepted by the Department, could be disturbed for a specific assessment year. The court declined to adjudicate the scientific correctness of the method but applied judicial discretion on factual and pragmatic grounds: prolonged acceptance, practical impossibility of rewriting multiple years' opening stock, and an undertaking by the assessee to discontinue the method prospectively. Applying these considerations, the HC set aside the Tribunal's order and allowed the appeal in favour of the assessee. Case-Laws Income Tax Thu, 24 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467285