https://www.taxtmi.com/caselaws?id=471567 Consistent inventory valuation requires a corresponding adjustment to opening-stock valuation when closing-stock valuation is adjusted. Altering only closing inventory distorts the computation of true profit because opening and closing stock must be valued on the same basis. The computation was restored to the assessing authority to align opening-stock valuation with the revised closing-stock valuation and determine profit consistently. en-us Tue, 08 Apr 2025 00:00:00 +0530 Wed, 09 Sep 2026 13:32:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471567 Consistent inventory valuation requires a corresponding adjustment to opening-stock valuation when closing-stock valuation is adjusted. Altering only closing inventory distorts the computation of true profit because opening and closing stock must be valued on the same basis. The computation was restored to the assessing authority to align opening-stock valuation with the revised closing-stock valuation and determine profit consistently. Case-Laws Income Tax Tue, 08 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471567