2012 (6) TMI 179

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....ppeal has been preferred by revenue against common order of Income Tax Appellate Tribunal, Jaipur Bench 'A', Jaipur, (for short, 'ITAT') dated 30.10.2009, whereby appeal filed by revenue as also cross-objections filed by assessee, both, were dismissed and order of Commissioner of Income Tax (Appeals)-II, Jaipur, (for short, 'CIT (Appeals)') dated 13.03.2009, was upheld. 2. Factual matrix of cas....

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....and tiles was valued at average cost incurred by assessee and thereby addition of Rs. 20,78,821/- was made on this account. Aggrieved thereby, assessee preferred appeal before CIT (Appeals), who reduced addition to Rs. 5,15,259/-, and allowed relief of Rs. 15,63,567/-. Aggrieved thereby, the revenue preferred appeal before ITAT and assessee filed cross-objections, both of which were dismissed by t....

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....maintained by the assessee. Since this was the first year of assessee, it being a new company, no opening stock was there. The stock of erstwhile concern M/s Singhal Granites was transferred at book value on 31.07.2005. Since M/s Singhal Granites had also followed the same method of valuation of the stock as on 31.03.2005, that is cost or market price whichever is lower, inferior quality goods, if....

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....there is sizable difference in the valuation for block to block, slab to slab and tiles to tiles. Moreover, whatever valuation method if adopted, it has to be followed consistently and since, it is the first year of the assessee-company and accounting method followed has been mentioned in the notes of accounts, therefore, there is no justification in disturbing said method of accounting as followe....