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TMI Blog2009 (4) TMI 182X X X X Extracts X X X X X X X X Extracts X X X X ..... tal representative for directing the AO to take the closing stock of the previous year as opening stock of the next year, no question of law arise – revenue’s appeal dismissed - 192 of 2009 - - - Dated:- 1-4-2009 - F. L. REBELLO and R. S. MOHITE JJ J. S. Saluja for the appellant. A. K. Jasani for the respondent. JUDGMENT 1 . The substantial question of law as raised in this app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Act. In the case before the Delhi High Court, the Assessing Officer contended that section 145A did not permit the assessee to make a change in the valuation of the opening stock as on April 1, 1998, though it permitted a change in the closing stock as on March 31, 1999. The question before the Delhi High Court was that the adjustment of excise duty could be made in the opening stock also. In t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch is as under (page 56): "If the method of altering both valuation is not adopted it is perfectly plain that the profit which is brought forward is not the real one. It may be more or it may be less, but it has no relation to the true profit if the stock is valued on one basis when it goes out without considering the value of the stock when it comes in. When, therefore, there is undervaluation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stablish the valuation for closing stock as opening stock of the next year, the Departmental representative stated that he has no objection for the same. This concession has been recorded in the order. 6. In this view of the matter, we are of the opinion that the question of law as raised by the appellant does not arise. Accordingly, the appeal is summarily dismissed. - - TaxTMI - TMITax - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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