| COURT: | ITAT Pune |
| CORAM: | G. S. Pannu (AM), R. S. Padvekar (JM) |
| SECTION(S): | 145, 28 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | Change in method of accounting, valuation of stock-in-trade |
| COUNSEL: | S. Anardan |
| DATE: | September 17, 2014 (Date of pronouncement) |
| DATE: | October 5, 2014 (Date of publication) |
| AY: | |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| Change of method of accounting to value the stock of its investments / securities at lower of cost or market value is valid. | |
A premise which can be drawn is that for the purposes of valuation of the closing stock it is permissible for the assessee to value it at the cost or market value, whichever is lower. In-fact, the Hon’ble Supreme Court …
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