2009 (1) TMI 522

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..... onsonance with AS-2 on valuation of inventories - ITA NO. 16 OF 2009 - - - Dated:- 29-1-2009 - VIKRAMAJIT SEN AND RAJIV SHAKDHER, JJ. R.D. Jolly for the Appellant. ORDER 1. Two questions A and B have been proposed. 2. So far as the second proposed question is concerned, it stands covered against the revenue by virtue of the decision of this Court in CIT v. Woodward Governor India ( .....

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..... ras High Court observed as follows : ". . .merely because the new method adopted by the assessee was detrimental to the revenue, that alone can never be the basis, for denying the right to change the method. Further, even though the change of the method has resulted in a detriment to the Revenue in the year in question, since the method is to be followed consistently year after year in future, t .....

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..... re in respectful agreement with the aforementioned decision of the Madras High Court. 6. The Tribunal affirmed the order of the CIT(A) and has observed that the choice of the method of valuation of inventories rests with the assessee. Furthermore, it has been followed consistently by the assessee in subsequent year. 7. No substantial question of law arises for our consideration. The appeal is .....

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