https://www.taxtmi.com/caselaws?id=58021 The Tribunal upheld the CIT (Appeals) decision to reject the change in the method of accounting for valuing the closing stock and confirmed the additions made by the AO. It emphasized that excise duty should be included in the valuation of closing stock, as it is directly attributable to the manufacturing process. The Tribunal supported the application of the proviso to section 145(1) and found that the change in the method of accounting was not bona fide. The appeals filed by the assessee were dismissed. en-us Wed, 12 Feb 1992 00:00:00 +0530 Wed, 15 Dec 2010 18:32:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58021 The Tribunal upheld the CIT (Appeals) decision to reject the change in the method of accounting for valuing the closing stock and confirmed the additions made by the AO. It emphasized that excise duty should be included in the valuation of closing stock, as it is directly attributable to the manufacturing process. The Tribunal supported the application of the proviso to section 145(1) and found that the change in the method of accounting was not bona fide. The appeals filed by the assessee were dismissed. Case-Laws Income Tax Wed, 12 Feb 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58021