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TMI Blog1965 (4) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... to the assessment year 1949-50, the corresponding year being 2005 R. M. (from April 17 1948, to 6th April, 1949). The question of law referred to us is as follows : " Whether the Appellate Tribunal was justified in taking the view that the proper valuation of the stocks has been made by valuing both the opening and closing stocks at cost so that there should be no profit or loss in respect of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellate Assistant Commissioner and the Appellate Tribunal unsuccessfully. Mr. S. K. Banerjee, learned counsel for the assessee, has referred us to the finding of the Tribunal to the effect that the assessee was a dealer in shares and the shares held by him were a part of his stock-in-trade and has contended that the Income-tax Officer has adopted a wrong method in valuing the shares. He has cited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elying on In the matter of Messrs. Chouthmal Golapchand and Indo-Commercial Bank Ltd. v. Commissioner of Income-tax, he has urged that there should be a definite method of valuation adopted by the assessee which should be carried through from year to year. There is great force in Mr. Mukherjee's argument and, in the facts and circumstances of this case, we agree with his contention that the loss h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... valued in the past in an arbitrary way. As the assessee has not adopted any consistent method we cannot accept the contention of the learned counsel for the assessee that the shares at the end of the year should be valued on the basis of the cost price or market price, whichever is lower. We, therefore, hold that as no particular method of accounting or valuation has been regularly employed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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