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TMI Blog2012 (1) TMI 92X X X X Extracts X X X X X X X X Extracts X X X X ..... y Tribunal – Held that:- Assessee in their explanation had pointed out that the valuation reports had taken the value of 24 carat gold at Rs.790 per gram but did not correspondingly reduce the value of 18 carat and 22 carat gold. Further, even the stock, recorded in the books of account, was valued as per the market rates, which is not correct, and under the mercantile system of accounting an asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Pvt. Ltd. The appeal pertains to assessment year 2006-07. The impugned order has been passed by the tribunal in ITA 1262/(Del.)/2011. 2. Ld. counsel for the appellant submits that the impugned order is perverse and the tribunal has erred in accepting the stand of the respondent-assessee. It is contended that the tribunal has ignored and not given due credence to the valuation made at the time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had given detailed reconciliation of the stock with specific explanation. The aforesaid reconciliation was referred to in the assessment order but has not been dealt with and considered. The assessment order is cryptic and does not meet the contentions of the respondent-assessee. 6. Before the CIT (Appeals) the assessee submitted various computation and details. The CIT (Appeals) held that the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id not correspondingly reduce the value of 18 carat and 22 carat gold. Further, even the stock, recorded in the books of account, was valued as per the market rates, which is not correct, because no profit arises till the stock is sold and under the mercantile system of accounting an assessee is entitled to value the stock in hand (declared stock) on the basis of the rule cost price or market pri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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