https://www.taxtmi.com/caselaws?id=61129 The Tribunal ruled in favor of the assessee, a jeweler firm, in a tax assessment dispute regarding the valuation of closing stock. The Income Tax Officer's addition of Rs. 73,690 for under-valuation was deemed incorrect as the assessee's historical valuation method, slightly above cost price due to impurities, was consistent and aligned with industry norms. The Tribunal found no under-valuation, supporting the assessee's approach over the ITO's insistence on market rate valuation, ultimately dismissing the Revenue's appeal. en-us Tue, 18 Dec 1979 00:00:00 +0530 Wed, 18 Jan 2017 17:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61129 The Tribunal ruled in favor of the assessee, a jeweler firm, in a tax assessment dispute regarding the valuation of closing stock. The Income Tax Officer's addition of Rs. 73,690 for under-valuation was deemed incorrect as the assessee's historical valuation method, slightly above cost price due to impurities, was consistent and aligned with industry norms. The Tribunal found no under-valuation, supporting the assessee's approach over the ITO's insistence on market rate valuation, ultimately dismissing the Revenue's appeal. Case-Laws Income Tax Tue, 18 Dec 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61129