https://www.taxtmi.com/caselaws?id=60659 Closing stock of shares and securities may be valued at cost or market value, whichever is lower, as a recognised rule of commercial accounting reflecting prudent recognition of anticipated loss. For income-tax computation, section 145 requires the regularly employed method of accounting to be accepted unless income cannot properly be deduced from it. A statutory balance sheet showing cost valuation under the Companies Act did not by itself displace the consistently followed tax computation method. The assessee was therefore entitled to adopt the lower-of-cost-or-market method, and the Revenue's objection under section 145 was rejected. en-us Fri, 27 Apr 2001 00:00:00 +0530 Fri, 07 Jan 2011 14:21:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60659 Closing stock of shares and securities may be valued at cost or market value, whichever is lower, as a recognised rule of commercial accounting reflecting prudent recognition of anticipated loss. For income-tax computation, section 145 requires the regularly employed method of accounting to be accepted unless income cannot properly be deduced from it. A statutory balance sheet showing cost valuation under the Companies Act did not by itself displace the consistently followed tax computation method. The assessee was therefore entitled to adopt the lower-of-cost-or-market method, and the Revenue's objection under section 145 was rejected. Case-Laws Income Tax Fri, 27 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60659