2010 (1) TMI 271

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..... ar based on provisional accounts as opening stock of current year instead of the figure of opening stock available as per the audited accounts and adopted by the Assessing Officer? Held that- once the factual position was similar in respect of the earlier assessment years, for the disputed assessment year 2003-04 no different view could be taken. The Tribunal was right in confirming the order of t .....

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..... r of Income-tax (Appeals) by directing to take the figure of closing stock of the immediately preceding year based on provisional accounts as opening stock of current year instead of the figure of opening stock available as per the audited accounts and adopted by the Assessing Officer"? 2. The Tribunal while reiterating the view taken by the Commissioner of Income-tax (Appeals) has recorded a ca .....

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..... hod to finalize the assessment, i.e., the higher profit out of provisional accounts or final audited accounts for the calculation of taxable profit by ignoring the principles of consistency. The Tribunal has noticed the fact that for the assessment year 1999-2000 the value of the closing stock as on March 31, was the same amount which was the amount shown as the opening stock for the assessment ye .....

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