1990 (12) TMI 2 - SC - Income Tax

Method of valuation of Stock - ITO held that there was no justification for the assessee to vary from the regular accounting principle of valuing stock - Whether the ITO could reject the consistent practice of the assessee in valuing stock in exercise of his powers under s. 145 - ITO is justified under s. 145 to reject the books of accounts and determine the correct profits and gains.