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2016 (5) TMI 139 - AT - Income TaxAdoption of method for valuation of stock - Held that:- The assessee was justified in adopting a new method for valuation of stock, we are of the opinion that the matter requires a fresh look by the Assessing Officer for verifying the correctness of the value arrived at by the assessee. We, therefore, set aside the orders of the authorities below and remit it to the file of the Assessing Officer for consideration afresh. The Assessing Officer shall also consider the view taken by him for the assessment year 1989-90 while disposing of the remitted issues.
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