2013 (8) TMI 140

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..... evidence available which may confirm the market value. In the case of rough diamonds it is only the estimate, which can work out by the expert. If the Assessing Officer was not satisfied with the market value taken by the assessee, he could have taken the assistance of the expert but the Assessing Officer merely rejected the method of valuation consistently followed by the assessee and accepted by the Revenue in the earlier year and hence without obtaining any expert's opinion on the subject the Assessing Officer could not have rejected market value taken by the assessee - Following decision of The Assistant Commissioner of Income Tax Versus B. Sureshkumar & Co (RF) [2008 (7) TMI 849 - GUJARAT HIGH COURT] - Decided against Revenue. Genu .....

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..... V, Surat ? (iii) Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law in reversing the findings recorded by the Assessing Officer and confirmed by the Appellate Commissioner without assigning any cogent and relevant reasons to show how the said findings recorded and conclusion reached by the Assessing Officer and confirmed by the Appellate Commissioner are illegal, unlawful, unjust and improper ? (iv) Whether, on the facts and in the circumstances of the case, the order passed by the Income Tax Appellate Tribunal is perverse or not ? 2. We have heard learned counsel Mr.Mehta for the Revenue and learned counsel Mr.Deepak Shah for the assessee-respondent. It is candidly pointed o .....

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..... hod of valuation consistently followed by the assessee and accepted by the Revenue in the earlier year and hence without obtaining any expert's opinion on the subject the Assessing Officer could not have rejected market value taken by the assessee. Even in the case of CIT Vs. British Paints India Ltd. (Supra) the Hon'ble Supreme Court has accepted the valuation of the stock at cost or market value whichever is lower to be a matter entirely left to the discretion of the assessee. 5. In the above view of the matter, we are of the opinion that the Tribunal has taken correct view in the matter and finding arrived at by the Tribunal is finding of fact and no question, much less substantial question of law, arises out of the order of the Tribun .....

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