Court No. - 37 Case :- INCOME TAX APPEAL No. - 92 of 2007 Petitioner :- Commissioner Income Tax Respondent :- Sri Brijendra Kumar Sharma Petitioner Counsel :- R.K.Upadhyaya Respondent Counsel :- ? Hon'ble Rajes Kumar,J.
Hon’ble Subhash Chandra Nigam,J.
Heard Sri R.K. Upadhyaya, learned Standing Counsel and Sri Shakeel
Ahmad, learned counsel appearing on behalf of respondent.
We have perused the order of the Tribunal. The Tribunal held that in the
present case the provisions of Section 145 of the Act are applicable. The
Tribunal further held that over head expenses incurred by the assessee in
cutting of the blocks from the rocks is required to be included into the
valuation of the closing stock. On the objection being raised by the authorised
representative that the valuation of opening and closing stock should be done
on the same method. The Tribunal directed the assessing authority while
valuing the opening stock without disturbing the closing stock of earlier year.
The assessing officer will also include the same items as are included while
valuing the closing stock. In opening and closing stock will be valued on the
same method and the same items as are included the closing stock will be
included to value the opening stock and thereafter the Assessing Officer has
been directed to work out the addition, if any, thereafter.
In view of the aforesaid finding, we are of the view that the Tribunal has only
remanded back the matter to the Assessing Officer to value the opening and
closing stock adding the same items both in opening and closing stock on the
same method and thereafter to work out the addition. On the facts and
circumstances, We do not see any substantial question of law arises for
consideration by this Court.
The appeal is accordingly dismissed.
Order Date :- 7.1.2010
OP