https://www.taxtmi.com/caselaws?id=471189 Closing-stock valuation cannot be increased solely because a higher approximate value was declared to a bank where audited books, quantitative records, and the consistently applied cost-or-net-realisable-value method show no defect or discrepancy. Bank declarations do not displace book valuation unless the Revenue identifies unrecorded stock or inaccuracies in the books or stock records. The distinguishable precedent concerned stock omitted from the books. The addition for alleged undervaluation of closing stock was therefore deleted. en-us Thu, 03 Apr 2025 00:00:00 +0530 Mon, 24 Aug 2026 18:59:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471189 Closing-stock valuation cannot be increased solely because a higher approximate value was declared to a bank where audited books, quantitative records, and the consistently applied cost-or-net-realisable-value method show no defect or discrepancy. Bank declarations do not displace book valuation unless the Revenue identifies unrecorded stock or inaccuracies in the books or stock records. The distinguishable precedent concerned stock omitted from the books. The addition for alleged undervaluation of closing stock was therefore deleted. Case-Laws Income Tax Thu, 03 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471189