2004 (8) TMI 48

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.... has been filed by the Revenue under section 256(2) of the Income-tax Act, 1961 (for short the "Act"), seeking a direction to the Income-tax Appellate Tribunal, Delhi Bench "B", New Delhi (for short "the Tribunal"), to refer the following question of law said to be arising out of its order dated July 28, 1989 relating to the assessment year 1981-82 for the opinion of this court: "Whether, on th....

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....n which the value of the closing stock had been shown at Rs. 17,59,071.53. However, later on, it filed a revised return reducing the value of stock to Rs. 9,45,973.24. On being asked to explain the difference of Rs. 8,13,098.11, it was stated that the earlier valuation was made on the basis of sale price, whereas the valuation as per revised return, was shown on the basis of cost price. The Assess....