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TMI Blog2009 (9) TMI 232X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Tribunal does not suffer from any legal infirmity. The appeal fails and is dismissed. – Decision in favor of assessee – against the revenue - 103 of 2000 - - - Dated:- 10-9-2009 - R. K. AGRAWAL and SHASHI KANT GUPTA JJ. A. N. Mahajan, A. Kumar, Bharatji Agrawal, D. Awasthi, G. Krishna, R. K. Upadhyay arid S. Chopra for the appellant. JUDGMENT 1. The present appeal under sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal was legally correct in deleting the additions of Rs. 80,000 and Rs. 3,53,013 made on account of disallowance of losses created in showing devaluation of stock of shares, whereas the assessee has adopted lower rates for valuation of closing stock of the same only as a sort of ploy to reduce the incidence of taxes and without proving purchase of the same?" 2. Briefly stated the facts gi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deletions of Rs. 3,53,013 and Rs. 20,000 are concerned; we find that the Tribunal had deleted the additions on the ground that these represented the value taken by the Assessing Officer in respect of the valuation of the stock of shares. The Tribunal has held that the valuation had been done on the basis of stock exchange rates and there was no material before the Assessing Officer to add up the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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