2006 (4) TMI 54

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.... Department. The question sought to be raised for the purpose of this appeal are as follows : (1) Whether the non-mention of section 145 in the order of the Assessing Officer vitiates the action by the Assessing Officer ? (2) Whether the question of undervaluation of the closing stock can be examined by the Assessing Officer under the Income-tax Act ? (3) Whether the valuation of closing ....

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....m Gordhandas v. CIT reported in [2002] 253 ITR 695. The Gujarat High Court in turn relies upon certain decisions of the Supreme Court, namely: (1) Chainrup Sampatram v. CIT [1953] 24 ITR 481 and (2) Sakthi Trading Co. v. CIT [2001] 250 ITR 871. 5 We are unable to read any of the aforesaid two decisions of the Supreme Court or the decisions of the Gujarat High Court to mean that valuation of clo....

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....lue on the relevant date was lower. This is basically a finding of fact recorded on the appreciation of evidence. We do not find any defect in approach of the authority especially because of not tendering any evidence from the appellant's side to show that the market value was lower. 8 For the third proposition learned counsel for the appellant has relied upon a decision of the Madras High Cour....