2012 (9) TMI 265

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..... ar, Adv. Mr. B.V. Balaram Das, Adv. JUDGEMENT Assessee is a private limited company. It carries on the business of manufacture and sale of television sets. For the Assessment Year 1987-88 the AO while computing the assessment under Section 143(3) found that the assessee had not included in the closing stock the element of excise duty. Accordingly, he added a sum of Rs. 16,39,000/- to the income .....

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..... g, we may rely on judgment of this Court in the case of Chainrup Sampatram vs. CIT, reported in 24 ITR 481 in which it has been held that, "valuation of unsold stock at the close of the accounting period was a necessary part of the process of determining the trading results of that period. It cannot be regarded as source of profits. That, the true purpose of crediting the value of unsold stock is .....

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