9911796707
TMI Blog2003 (2) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... reduced valuation of the opening stock was reckoned in valuing the closing stock?" - we answer the question referred in the affirmative, that is in favour of the Revenue and against the assessee - - - - - Dated:- 28-2-2003 - Judge(s) : G. SIVARAJAN., J. M. JAMES. JUDGMENT The judgment of the court was delivered by G. SIVARAJAN J.-The following question of law is referred by the Income-ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant to the assessment year 1986-87, and that the assessing authority has made the addition accordingly. The first appellate authority after referring to the relevant portions of the Deputy Commissioner's order held in paragraph 5 of the order that though the addition of Rs. 2 lakhs is on estimate basis, it is based on the discrepancies observed by the Deputy Commissioner, and that the additi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value of the closing stock as on March 31, 1986, declared at Rs. 13,79,100. The Tribunal observed that the assessee's claim for reduction of the value of the closing stock can be allowed only if it is shown that the stock lying with the assessee on March 31, 1986, included the opening stock as on April 1, 1985. The Tribunal thereafter considered the details of the sale proceeds with reference to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4.65 lakhs against the opening stock of Rs. 11,40,434 and the assessee's claim that in the valuation of the closing stock as on March 31, 1986, no value was taken for the unsaleable stock would necessarily imply that the opening stock as on April 1, 1985, must have been disposed of during the current year itself." We do not find any illegality in the order of the Tribunal. As already noticed, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s itself is sufficient to reject the contention of the assessee that there must be a corresponding reduction from the closing stock. However, we find that the Tribunal has considered the matter in a different angle also to find out as to whether there is any scope for accepting the contention. The Tribunal was not able to accept the said contention. In these circumstances, we answer the question r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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