2014 (11) TMI 48

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..... terial has been discovered to make a departure of valuing the stock giving rise to block assessment and resorting to practice of adoption of GP rate so a deficit will come out - the goods are valued by the Department on M.R.P. basis without due regard to the cost thereof - the decision on the issue is an adjudication of a factual aspect - even if two views are possible, the view taken by the Tribu .....

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..... ized. Assessment was completed under Section 158BC of the Act. Additions were made, inter alia, on the ground that stock valuation was not proper, which was sustained on appeal, but the Tribunal deleted the addition observing that the assesse had arrived at the value of stock by adopting the method of cost price which method of valuation was permissible. The assessing authority by taking MRP metho .....

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..... o the method of accounting following consistent basis to ensure that settled position is not unsettled by unreasonable suspicion and surmises. No material has been discovered to make a departure of valuing the stock giving rise to block assessment and resorting to practice of adoption of G.P. rate so a deficit will come out. Further the Ld. Counsel gave stress on the point that the goods are value .....

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