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TMI Blog2015 (10) TMI 946X X X X Extracts X X X X X X X X Extracts X X X X ..... he free sale sugar and Deoband unit at cost price and that of the Ramkola unit at market price" - Held that:- The Court finds that the Assessee was under a compulsion to maintain separate books for the supply of levy sugar to the Government and had consistently adopted different systems of valuation of the closing stock of levy sugar and free sale sugar manufactured at its two units. The closing s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s appeal by the Revenue under Section 260A of the Income Tax Act, 1961 ('Act') is directed against the order passed by the Income Tax Appellate Tribunal ('ITAT') dated 10th January 2002 in ITA No. 3697/Del/94 for the Assessment Year ('AY') 1990-91. 2. While admitting this appeal, the following question of law was framed by the Court on 15th January 2007: Whether the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate books were being maintained for the 'levy' sugar and the 'free sale' sugar. The Assessee had consistently followed a system by which the closing stock of the sugar manufactured was valued at cost or market rate whichever was lower both in respect of the levy sugar and free sale sugar separately in respect of both sugar factories at Deoband and Ramkola. 5. The AO's reason ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... referred to the principle of consistency explained by the Supreme Court in Radhasoami Satsang v. CIT 193 ITR 321. The Court is informed that this has been reiterated by the Supreme Court recently in Excel Industries v. CIT 358 ITR 295. The ITAT pointed out that the AO has not recorded any finding that the method adopted by the Assessee was not scientific or rational in terms of the principles of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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