https://www.taxtmi.com/caselaws?id=56635 The Tribunal upheld its decision regarding the valuation of closing stock of free sugar, rejecting the assessee's contentions. The Tribunal valued the unsold stock based on the cost as of the last date of the previous year, considering both cost and market rate. The decision was upheld as it accounted for the decontrol of sugar and the sale of free sugar in levy sugar. The Tribunal also directed the ITO to value the closing stock based on the principles discussed in the judgment, partially accepting the assessee's valuation method. The misc. application was partly allowed, affirming the Tribunal's decision with modifications. en-us Thu, 14 Dec 1989 00:00:00 +0530 Mon, 06 Dec 2010 10:20:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56635 The Tribunal upheld its decision regarding the valuation of closing stock of free sugar, rejecting the assessee's contentions. The Tribunal valued the unsold stock based on the cost as of the last date of the previous year, considering both cost and market rate. The decision was upheld as it accounted for the decontrol of sugar and the sale of free sugar in levy sugar. The Tribunal also directed the ITO to value the closing stock based on the principles discussed in the judgment, partially accepting the assessee's valuation method. The misc. application was partly allowed, affirming the Tribunal's decision with modifications. Case-Laws Income Tax Thu, 14 Dec 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56635