https://www.taxtmi.com/caselaws?id=799048 Closing stock must be valued at cost or market value, whichever is lower. A stated net realisable value requires supporting material showing its basis; where the taxpayer's rate is unsupported and the assessing officer's market-realisation rate is below cost, the issue concerns the correct realisable-value rate rather than a change in valuation method. Consistent use of a net realisable value method does not protect an unsubstantiated valuation rate. Concurrent factual findings on valuation disclosed no substantial question of law, and the addition for undervaluation of closing stock was sustained. en-us Tue, 01 Sep 2026 00:00:00 +0530 Wed, 16 Sep 2026 08:38:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799048 Closing stock must be valued at cost or market value, whichever is lower. A stated net realisable value requires supporting material showing its basis; where the taxpayer's rate is unsupported and the assessing officer's market-realisation rate is below cost, the issue concerns the correct realisable-value rate rather than a change in valuation method. Consistent use of a net realisable value method does not protect an unsubstantiated valuation rate. Concurrent factual findings on valuation disclosed no substantial question of law, and the addition for undervaluation of closing stock was sustained. Case-Laws Income Tax Tue, 01 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799048