https://www.taxtmi.com/caselaws?id=55553 The Tribunal upheld the CIT(A)'s decision in favor of the assessee, recognizing the validity of the 'Last In First Out' (LIFO) system and cost or market price method for stock valuation. The Tribunal emphasized the importance of accurately valuing closing stock to reflect profits, citing established accounting principles. The appeal was dismissed as the Tribunal found no evidence of incorrect profit reflection or expenditure suppression in the assessee's books, affirming the adherence to recognized accounting practices. en-us Fri, 29 Aug 1997 00:00:00 +0530 Sat, 27 Nov 2010 16:43:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55553 The Tribunal upheld the CIT(A)'s decision in favor of the assessee, recognizing the validity of the 'Last In First Out' (LIFO) system and cost or market price method for stock valuation. The Tribunal emphasized the importance of accurately valuing closing stock to reflect profits, citing established accounting principles. The appeal was dismissed as the Tribunal found no evidence of incorrect profit reflection or expenditure suppression in the assessee's books, affirming the adherence to recognized accounting practices. Case-Laws Income Tax Fri, 29 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55553