https://www.taxtmi.com/caselaws?id=60376 The Tribunal upheld the appellate order, dismissing the appeal. It concluded that an assessee changing the method of valuation for closing stock was not entitled to an adjustment in the value of the opening stock based on the changed valuation method. The Tribunal emphasized that the closing stock and opening stock are distinct in accounts, and a change in the closing stock valuation method does not require a change in the opening stock valuation method. The decision was supported by legal precedents and principles from various High Court judgments. en-us Mon, 02 Jun 1997 00:00:00 +0530 Tue, 04 Jan 2011 18:56:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60376 The Tribunal upheld the appellate order, dismissing the appeal. It concluded that an assessee changing the method of valuation for closing stock was not entitled to an adjustment in the value of the opening stock based on the changed valuation method. The Tribunal emphasized that the closing stock and opening stock are distinct in accounts, and a change in the closing stock valuation method does not require a change in the opening stock valuation method. The decision was supported by legal precedents and principles from various High Court judgments. Case-Laws Income Tax Mon, 02 Jun 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60376