2003 (2) TMI 33

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....ferred by the Income-tax Appellate Tribunal, for short ("the Tribunal") as directed by this court in the judgment dated November 10, 1998, in O.P. No. 12962 of 1998, at the instance of the assessee: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in not allowing the corresponding adjustments in the closing stock valuation while admittedly....

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....oner, and that the addition of Rs. 2 lakhs directed by the Deputy Commissioner is based on a clear finding of fact. We find that the Tribunal has also considered the issue with reference to the order of the Deputy Commissioner. The Tribunal has noted in paragraph 4 of the order as follows: "4. It was on account of the amount thus being not available for enhancing the opening stock that the Depu....

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....roceeds with reference to the opening stock and the manufactured product and dealt with the issue as follows: "9. The contention of the learned representative of the assessee that with the reduction of the valuation of the opening stock, there should be corresponding reduction in the valuation of the closing stock cannot be accepted in the absence of evidence to show that the closing stock incl....

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....unal. As already noticed, the contention of the assessee was that since the Deputy Commissioner has directed to deduct a sum of Rs. 2 lakhs from the opening stock, there must be a corresponding reduction of equal amount from the closing stock. This contention can be accepted only if there is a finding by the Deputy Commissioner as such. We have already extracted para. 7 of the order of the Deputy ....