Allowing the appeal of the assessee the Court held that;Tribunal taking only market rate one day later for determining valuation of stock-in-trade is held to be not consistent with law. Tribunal was directed to reconsider valuation of closing stock on the basis of principles established by law. Cost or market which ever is less. (AY.2010-11)
Shri Ram Kutir Khandsari Udyog P. Ltd. v. CIT (2018) 404 ITR 185 (All) (HC)
S.145: Method of accounting -Valuation of stock —Tribunal taking only market rate one day later for determining valuation of stock-in-trade is held to be not consistent with law — Tribunal was directed to reconsider valuation of closing stock on the basis of principles established by law.