2001 (10) TMI 50

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....urt was delivered by JAWAHAR LAL GUPTA J.-The assessee filed its return of income for the assessment year 1991-92. It declared a loss of Rs.7,52,53,863. On December 7, 1992, the Assessing Officer completed the assessment and made an addition of Rs.10,63,977 on account of the revaluation of the closing stock. This addition was made on the hypothesis that the valuation of the closing stock had to....

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....tion of closing stock." Aggrieved by this order, the Revenue has now filed this appeal under section 260A of the Income-tax Act, 1961. Mr. Sawhney, learned counsel for the Revenue, contends that the value of the closing stock had to be fixed on the basis of an average sale price for the month of March, 1991. This was Rs.763.51. The assessee had fixed the value of the stock at Rs.753.83 per b....

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....t account. We think that the plea is untenable. If the assessee had claimed the benefit, the Revenue would have contended before the Tribunal that the assessee has accepted the addition. Otherwise, the Revenue does not give the benefit. So, it wants the best of both the sides. Still further, it appears to us that the Revenue is only trying to fiddle with the figures. In fact, the addition to th....