1929 (11) TMI 1

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.....C. and Reginald Hills For the Respondent : A. M. Latter, K.C. and C. J. Colombos JUDGMENT Lord Buckmaster-The question-submitted for the opinion of the High Court is in the following term: ''When the opening and closing stocks'' their Lordships think that there ought to be introduced "of a business" "are both undervalued, whether the real profits of the- company of a particular year can ....

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....counts in the next year. It may of course, be that in so adjusting the figures of stock there may be special cases in which the valuation is so treated as justly to cause it to be open to dispute. But their Lordships have nothing whatever to do with that in this particular case. They are asked to answer a perfectly simple question which, upon the face of if, in the opinion of the Board, would answ....

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....annot accept. Further, section 13 of the Indian Income-tax Act, 1922, says: "Income profits and gains shall be computed for the purposes of sections 10, 11 and 12 in accordance with the method of accounting regularly employed by the assessee". Of course, that must be the method regularly and properly employed by the assessee, and it Has never been suggested here that this has not been the metho....