2004 (8) TMI 48

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..... by the assessee?" – CIT deleted the additions holding that the change of method of valuation to be bona fide which was followed in the subsequent years as well - Tribunal, in view of the audit report and comments of the Comptroller and Auditor General of India, observed that the change in the method of valuation of the closing stock was bona fide and that the same was consistently followed in the .....

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..... ellate Tribunal was right in law in deleting the addition of Rs. 8,13,090 made by the Assessing Officer on account of undervaluation of closing stock by changing the method of valuation by the assessee?" Before approaching this court, the Revenue had filed an application under section 256(1) of the Act before the Tribunal with the same prayer which was declined vide its order dated December 5, 1 .....

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..... er years, whereas the valuation in the revised return had been made on the cost price which was lower, observed that the method once adopted had to be consistently followed. He, therefore, made the addition of Rs, 8,13,090 to the total income of the assessee on the ground that there was no reason for changing the method of valuation. The assessee preferred an appeal before the Commissioner of In .....

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