https://www.taxtmi.com/caselaws?id=59459 The Tribunal upheld the addition of Rs. 1,90,07,000 towards unrealised profits on unexecuted forward foreign exchange contracts as on 31st March, 1991. The Tribunal found that the method adopted by the assessee for valuing the closing stock was not in line with accounting principles, emphasizing that the entire stock should be valued either at cost or market price, whichever is lower. The Tribunal rejected the assessee's argument and confirmed the CIT(A)'s decision, citing inconsistencies with accounting standards and guidelines. en-us Mon, 17 Jun 2002 00:00:00 +0530 Fri, 20 Sep 2019 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59459 The Tribunal upheld the addition of Rs. 1,90,07,000 towards unrealised profits on unexecuted forward foreign exchange contracts as on 31st March, 1991. The Tribunal found that the method adopted by the assessee for valuing the closing stock was not in line with accounting principles, emphasizing that the entire stock should be valued either at cost or market price, whichever is lower. The Tribunal rejected the assessee's argument and confirmed the CIT(A)'s decision, citing inconsistencies with accounting standards and guidelines. Case-Laws Income Tax Mon, 17 Jun 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59459