Stock valuation method can be changed to compute Actual Income/loss

United Bank of India Vs CIT (Calcutta High Court) The present accounting principle being followed by the bank is valuation of the closing stock on cost or market value whichever is lower. They want to apply this principle to the stock in trade acquired in the financial year i.e. 1984-85 prior to the assessment year in which the accounting principle was changed so that they could show the change in value of the closing stock and account for the losses accordingly. The tribunal by its order dated 27th August, 1998, relying on the decision of this court in UCO BANK reported in 200 ITR 68(Cal) ru...