2008 (12) TMI 763

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..... for the parties. 2. The learned counsel for the Appellant has tendered the draft of reframed substantial questions of law. The same is taken on record and marked X for identification. Leave granted. Amendment to be carried out within a period of two weeks from today. 3. Perused judgment of the Income-tax Appellate Tribunal. Main issue is : whether assessee is justified in changing method o .....

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..... n that count. 10. After considering the rival submissions and perusing other material on record, we find no infirmity in the finding of the CIT (A) in this regard. Undisputedly, unused stock was on account of buttons, elastic, labels, threads, etc. and these items cannot be held that they have become obsolete. It may be possible that these items may not have their full value, but it cannot b .....

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..... , even to show as to what happened to the stock of more than ₹ 10,00,000/-. 5. We agree with the view taken by the Tribunal in favour of the Revenue and against the Assessee. In view of the aforesaid categorical findings of fact, there is absolutely no merit in the appeal. No substantial question of law is involved. 6. In the result, the appeal is dismissed. - - TaxTMI - TMITax - .....

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