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TMI Blog2012 (6) TMI 179X X X X Extracts X X X X X X X X Extracts X X X X ..... nufactured are identical in nature while in the case of assessee there is sizable difference in the valuation for block to block, slab to slab and tiles to tiles. - valuation method if adopted, it has to be followed consistently and entire stock could not be sold at same price and obviously at the time of sale when the buyer picks up the best available stock then the assessee is entitled to value part of the stock at reduced price particularly when it has also proved that the same was sold in immediate succeeding period at a lesser rate fixed from best of the stock. No question of law arise, appeal dismissed - D.B. I T APPEAL No. 161 OF 2010 - - - Dated:- 10-11-2010 - Arun Mishra, Mohammad Rafiq, JJ. R.B. Mathur for the Appellant. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lief of Rs. 15,63,567/-. Aggrieved thereby, the revenue preferred appeal before ITAT and assessee filed cross-objections, both of which were dismissed by the ITAT vide impugned order. 3. Shri R.B. Mathur, learned counsel for revenue, argued that ITAT itself agreed that there was no basis for considering 50% of stock to be of inferior quality as well as valuing it at 25% average rate of value applied for fresh stock. He could not have therefore upheld judgment of CIT (Appeals). Learned counsel referred to observations made by assessing officer in its order and argued that book of accounts were rightly rejected by assessing officer by giving cogent reasons. It was argued that Section 145A of Income Tax Act prescribes that valuation of pur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... les. Moreover, whatever valuation method if adopted, it has to be followed consistently and since, it is the first year of the assessee-company and accounting method followed has been mentioned in the notes of accounts, therefore, there is no justification in disturbing said method of accounting as followed by the assessee. On fact, learned CIT (Appeals) was of the view that entire stock could not be sold at same price and obviously at the time of sale when the buyer picks up the best available stock then the assessee is entitled to value part of the stock at reduced price particularly when it has also proved that the same was sold in immediate succeeding period at a lesser rate fixed from best of the stock. This finding recorded by learned ..... X X X X Extracts X X X X X X X X Extracts X X X X
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