1998 (12) TMI 46

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..... issioner of Income-tax, Haryana, Rohtak, filed under section 256(2) of the Income-tax Act, 1961, seeking a direction to the Income-tax Appellate Tribunal, Chandigarh Bench ("the Tribunal"), to refer the following question of law to this court for its opinion: "Whether, on the facts and in the circumstances of the case, the Commissioner of Income-tax (Appeals)/Income-tax Appellate Tribunal was ri .....

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..... ax (Appeals) in the assessee's appeal accepted the assessee's plea and so did the Tribunal in the Revenue's appeal filed against the order of the Commissioner of Income-tax (Appeals). Sri R. P. Sawhney, learned senior advocate for the Revenue, has argued on the basis of the decision of the Supreme Court in CIT v. British Paints India Ltd. [1991] 188 ITR 44, that if the assessee did not adopt th .....

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..... thod of valuation was claimed to be bona fide. Learned counsel for the respondent-assessee has, on the other hand, argued that change in the method of valuation of the closing stock was rightly allowed by the Commissioner of Income-tax (Appeals) as well as the Tribunal, because it was found to be bona fide and was also regularly employed by the assessee in subsequent years. The plea taken by the .....

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