2007 (11) TMI 631

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..... d by the revenue, the tribunal has made his reference for our opinion on the following question: Whether on the facts and in the circumstances of the case, the IT Appellate Tribunal is right in law in upholding the order of the CIT (A) deleting the addition of ₹ 178.33 lakhs being the amount representing the profits on accounts of change of method of valuation of closing stock? 2. Th .....

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..... of the first Appellate Commissioner, dismissed the appeal. As aforestated pursuant to the orders passed by this court in C.P. 842/2000 this reference is before us. 3. We have heard Sri M.V. Seshachala, learned counsel appearing for the revenue and Sri. Thiruvengadam, learned counsel for the assessee. During the relevant year, the Board of directors of assessing company passed the resolution, w .....

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..... to evaluate the stock-in trade for the accounting year ending 31 st March 1989. 5. The First Appellate Commissioner has taken into consideration the fluctuation in the sugar prices during the relevant period to reverse the order of the assessing officer. The First Appellate Commissioner and the tribunal have not noticed settled principles of law relating to evaluation of stock-in- trade. 6. .....

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