https://www.taxtmi.com/caselaws?id=56816 The tribunal upheld the CIT's order passed under Section 263, dismissing the assessee's appeal. It found that the LIFO method did not provide a true picture of the profits, and the CIT was justified in directing the ITO to reassess the value of the closing stock at the average purchase rate for the year. The tribunal also confirmed the CIT's power to revise the ITO's order under Section 263, even when the assessment was based on directions from the IAC under Section 144A. en-us Tue, 19 May 1987 00:00:00 +0530 Mon, 06 Dec 2010 18:05:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56816 The tribunal upheld the CIT's order passed under Section 263, dismissing the assessee's appeal. It found that the LIFO method did not provide a true picture of the profits, and the CIT was justified in directing the ITO to reassess the value of the closing stock at the average purchase rate for the year. The tribunal also confirmed the CIT's power to revise the ITO's order under Section 263, even when the assessment was based on directions from the IAC under Section 144A. Case-Laws Income Tax Tue, 19 May 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56816