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TMI Blog2020 (12) TMI 567X X X X Extracts X X X X X X X X Extracts X X X X ..... er for fresh consideration on this aspect after due opportunity to the assessee. For the above reasons, the Tax case Appeal is allowed. The impugned order passed by the Tribunal is set aside and the matter is remanded to the Assessing Officer to verify the aspect, which has been pointed out in the preceding paragraphs. - Tax Case Appeal No.568 of 2018 - - - Dated:- 6-10-2020 - THE HONOURABLE MR.JUSTICE T.S.SIVAGNANAM AND THE HONOURABLE MRS.JUSTICE V.BHAVANI SUBBAROYAN For Appellant : Mr.R.Vijayaraghavan for Mr.Venkata Narayanan for M/s Subbaraya Aiyar Padmanaban For Respondent : Mr.M.Swaminathan Senior Standing Counsel Mr.V.Pushpa Junior Standing Counsel JUDGMENT [Judgment of the Court was delivered by T.S.SIV ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the company has not been disputed by the assessing officer rather recorded in the assessment order dated 27.03.2015. 4. The scrutiny assessment was completed under Section 143(3) of the Act by order dated 27.03.2015 for the period from 01.04.2011 to 07.01.2012 determining the total income at ₹ 7,54,46,598/-. The assessing officer while completing the assessment made an addition of ₹ 2,51,214/- towards valuation of closing stock among others on the ground that the valuation of closing stock does not give the true and correct status of business and profit and the matter relating to allowability of this method of stock valuation was not accepted by the Department in the earlier years and additions were made to the extent of cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submission that what was relevant to be noted is that it is a sale of the stock and not valuing of stock, which will be continuing with the assessee in the next year. On a reading of the impugned order passed by the Tribunal, we find that though this issue was raised by the assessee before the Tribunal in a slightly different form, than what has been raised before us, the Tribunal did not deal with the said issue, but followed the earlier decision in assessee's case dated 08.02.2017 and dismissed the assessee's appeal. 9. In our considered view the issue with regard to whether valuation of closing stock would arise when the business of the assessee along with the stock was taken over by the company needs to be decided. This is a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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