https://www.taxtmi.com/caselaws?id=60774 The Tribunal allowed the appeals, setting aside the CIT's orders under Section 263. It upheld the assessee's use of the direct cost method for stock valuation, distinguishing the facts from the Supreme Court judgment in CIT vs. British Paint India Ltd. The Tribunal emphasized that the direct cost method is a recognized and consistently followed method, and the CIT's attempt to impose the "on cost" method was not justified. The Tribunal's decision supports the assessee's valuation method and rejects the CIT's revisionary jurisdiction under Section 263. en-us Wed, 08 Nov 1995 00:00:00 +0530 Sat, 08 Jan 2011 10:09:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60774 The Tribunal allowed the appeals, setting aside the CIT's orders under Section 263. It upheld the assessee's use of the direct cost method for stock valuation, distinguishing the facts from the Supreme Court judgment in CIT vs. British Paint India Ltd. The Tribunal emphasized that the direct cost method is a recognized and consistently followed method, and the CIT's attempt to impose the "on cost" method was not justified. The Tribunal's decision supports the assessee's valuation method and rejects the CIT's revisionary jurisdiction under Section 263. Case-Laws Income Tax Wed, 08 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60774