1998 (4) TMI 50

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....nce of the assessee relating to its assessment year 1980-81, the following two questions have been referred to us for our decision : "(a) Whether, on the facts and circumstances of the case, the Appellate Tribunal was right in law in confirming the addition of Rs. 4,86,339 on account of valuation of the closing stock ? (b) Whether, on the facts and circumstances of the case, the Appellate Tr....

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....should be done on the market value. The Supreme Court in the case of A. L. A. Firm v. CIT [1991] 189 ITR 285, held that the proper practice is to value the closing stock at market value and that will eliminate entries relating to the same stock from both sides of the account. The view of the Tribunal is in accordance with the law laid down by the Supreme Court in A. L. A. Firm's case [1991] 189 IT....