https://www.taxtmi.com/caselaws?id=58083 The Tribunal upheld the disallowance of contributions to the Retirement Benefit Fund Trust as a perquisite. Regarding the valuation of closing stock, the Tribunal ruled in favor of the department, stating that excluding fiscal levies from the valuation was incorrect. The Commissioner (Appeals) upheld the revaluation of closing stock, emphasizing the need for consistency in valuation methods. The Tribunal concluded that the assessee's method of excluding fiscal levies was unjustified, and directed the ITO to accept profit based on the correct valuation method. The Judicial Member and Third Member agreed with including fiscal duties in the closing stock valuation, leading to a re-examination by the ITO. en-us Mon, 31 Mar 1986 00:00:00 +0530 Fri, 17 Dec 2010 12:24:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58083 The Tribunal upheld the disallowance of contributions to the Retirement Benefit Fund Trust as a perquisite. Regarding the valuation of closing stock, the Tribunal ruled in favor of the department, stating that excluding fiscal levies from the valuation was incorrect. The Commissioner (Appeals) upheld the revaluation of closing stock, emphasizing the need for consistency in valuation methods. The Tribunal concluded that the assessee's method of excluding fiscal levies was unjustified, and directed the ITO to accept profit based on the correct valuation method. The Judicial Member and Third Member agreed with including fiscal duties in the closing stock valuation, leading to a re-examination by the ITO. Case-Laws Income Tax Mon, 31 Mar 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58083