Chainrup Sampatram vs Commissioner Of Income-Tax,West ... on 9 October, 1953
17. The next question is whether the respondent-assessee could have
adopted Net Realizable Value method for valuation of the closing stock
and whether it was mandatory to value the closing stock on cost basis.
ITA Nos. 645/2005, 742/2005, 796/2005, 817/2005, 794/2005, 71/2011,
1166/2011 & 1168/2011. Page 14 of 23
This issue is no longer res integra and was settled by the Supreme Court
in Chainrup Sampatram v. Commissioner of Income-Tax, West
Bengal, (1953) 24 ITR 481 (SC) wherein it has been held as under:-