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TMI Blog2013 (7) TMI 549X X X X Extracts X X X X X X X X Extracts X X X X ..... .-303 of 2009 - - - Dated:- 12-7-2013 - Hon'ble Sunil Ambwani And Hon'ble Surya Prakash Kesarwani,JJ. For the Appellant : S.C. (Inc. Tax) For the Respondent : S. D. Singh ORDER We have heard Shri Dhananjai Awasthi, learned counsel appearing for the department. Shri S.D. Singh appears for the respondent-assessee. This Income Tax Appeal under Section 260-A of the Income Tax Act arises against the order of Income Tax Appellate Tribunal, Lucknow Bench 'A', Lucknow in respect of assessment year 2004-05. This Income Tax Appeal has been preferred by the department on following two substantial questions of law:- "1. Whether on the facts and in the circumstances of the case, the Hon'ble Tribunal was justified in law in deletin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsidered the submissions of both parties and gone through the material available on record. In the instant case, there is no dispute as regards to the stock as per books of account which was shown at Rs.1,97,44,874/-. The only dispute relates to the valuation of stock as per physical verification. In the said valuation, the difference arose due to the application of G.P. rate and average discount rate. In the earlier calculation, the assessee itself applied G.P. rate of 20% and average discount at 5%. However, when the difference in the valuation made by the assessee and the stock found at the time of survey was pointed out to the assessee by the Assessing Officer, the assessee furnished the revised computation wherein the G.P rate was take ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made by the Assessing Officer and confirmed by the ld. CIT (A). This ground is allowed. 21. We have considered the submissions of both the parties and carefully gone through the material available on record. In the instant case, it is not in dispute that the books of account maintained by the assessee in regular course of business were not rejected and even the method of accounting was not doubted. The Assessing Officer did not point out any suppressed sales or inflated purchases. He had also accepted the G.P rate, in other words, all the items except discount shown in the Trading Account were accepted, so there was no occasion to doubt the discount, while is also an item of trading account. Further more, the Assessing Officer worked out ..... X X X X Extracts X X X X X X X X Extracts X X X X
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