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Valuation of Closing Stock

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Court :
Tribunal

Brief :
Whether, different method for valuation of part of closing stock is permissible under law?

Citation :
C.I.T. Vs. Sherwani Sugar Syndicate Ltd [2007] 294 ITR 247 (All)

Held by the Hon`ble Court that, the two different method of valuation of closing stock are not permissible under law. If permitted it would lead to anomalous results.
 

CA. Shikha
on 24 November 2008
Published in Income Tax
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