https://www.taxtmi.com/caselaws?id=467286 Whether the Tribunal correctly deleted the Assessing Officer's addition for undervaluation of closing work in progress: the HC applied the principle that an accounting method can be challenged only if it fails to truly disclose income, noted the assessee's consistent application of the valuation method to opening and subsequent years and absence of evidence that stores, chemicals or processing costs distorted income, and therefore upheld the Tribunal's deletion, answering the question against the Revenue and in favour of the assessee. en-us Thu, 02 Nov 2006 00:00:00 +0530 Fri, 13 Mar 2026 14:49:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467286 Whether the Tribunal correctly deleted the Assessing Officer's addition for undervaluation of closing work in progress: the HC applied the principle that an accounting method can be challenged only if it fails to truly disclose income, noted the assessee's consistent application of the valuation method to opening and subsequent years and absence of evidence that stores, chemicals or processing costs distorted income, and therefore upheld the Tribunal's deletion, answering the question against the Revenue and in favour of the assessee. Case-Laws Income Tax Thu, 02 Nov 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467286