https://www.taxtmi.com/caselaws?id=60218 The Tribunal found that the change in the method of valuation of closing stock by the assessee was bona fide and consistently applied in subsequent years. The Tribunal overturned the CIT(A)'s decision, instructing the ITO to permit the loss resulting from valuing the closing stock at 'cost or market price whichever was lower.' The appeal was granted in favor of the assessee. en-us Mon, 01 Dec 1986 00:00:00 +0530 Tue, 04 Jan 2011 12:53:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60218 The Tribunal found that the change in the method of valuation of closing stock by the assessee was bona fide and consistently applied in subsequent years. The Tribunal overturned the CIT(A)'s decision, instructing the ITO to permit the loss resulting from valuing the closing stock at 'cost or market price whichever was lower.' The appeal was granted in favor of the assessee. Case-Laws Income Tax Mon, 01 Dec 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60218