2008 (7) TMI 849

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....B.B.Naik, learned Standing Counsel appearing for the Revenue. 2. The Revenue has filed this Tax Appeal under Section 260A of the Income Tax Act, 1961 for assessment year 2003-04 against the order passed by the tribunal dated 29.6.2007 in Income Tax Appeal No.635/Ahd/2007. 3. Mr.B.B.Naik, learned Standing Counsel appearing for the appellant has submitted that the Assessing Officer has made ad....

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....ought not to have deleted the said addition by observing that the assessee is following valuation of the closing stock according to the market value or cost of rough diamonds, whichever is less. He has, therefore, submitted that the Tribunal has committed error and substantial question arises from the order of the Income Tax Appellate Tribunal. 4. We have considered the submissions made by the ....

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....tock is less than the cost but it is a case where there is no independent evidence available which may confirm the market value. In the case of rough diamonds it is only the estimate, which can work out by the expert. If the Assessing Officer was not satisfied with the market value taken by the assessee, he could have taken the assistance of the expert but the Assessing Officer merely rejected the....