TaxTMI 
TaxTMI 
2001 (6) TMI 185
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....nd March, 1994. 2. I have heard the arguments of both the sides and also perused the records. 3. The assessee-appellant has raised six grounds of appeal but ground Nos. 2 to 6 have not been pressed by the learned authorised representative of assessee during arguments so the same are dismissed accordingly. 4. Ground No. 1 disputes the addition of Rs. 37,926 made on account of undervaluation of c....
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....s out of the stock/lying at the end of the proceeding year, the same were valued on the same rate at which they were valued in the preceding year's balance sheet. He has contended that this has been the practice of assessee all along and being followed consistently he has cited Investment Ltd. vs. CIT (1970) 77 ITR 533 (SC). As against this the learned Departmental Representative of Revenue has co....
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....l contentions, the material on record as also the cited decisions in (1970) 77 ITR 533 the Hon'ble Supreme Court has held that a method of accounting adopted by trader consistently and regularly cannot be discarded by Departmental authorities on tie view that he should have adopted a different method of keeping account order of valuation. Considering the said decision I find substances in the lear....