2020 (2) TMI 1018

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... when the direction of the Appellate Tribunal in the earlier appellate order was not followed while concluding the assessment? 2. Whether the shares held by the appellant having been converted into stock-in-trade, the value of the closing stock at the end of the year was required to be valued at the cost to the business at the time of conversion (i.e. the market value at the time of conversion) or cost of acquisition or net realizable value whichever is less? 3. Whether for valuation of closing stock, when the principle of "original cost or market value whichever is less "is required to be adopted, in the case of shares converted into stock-in-trade, the value as on the date of conversion can be substituted for its original cost?". 3. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ons 234B and 220(2) of the Act. Being aggrieved by the order of the aforesaid Assessing Officer, the appellant filed an appeal, which was dismissed by CIT (Appeals) by an order dated 19.03.2013. The assessee again approached the Tribunal. The Tribunal by an order dated 14.11.2008 dismissed the appeal preferred by the assesee. In the aforesaid factual background, this appeal has been filed. 5. Learned counsel for the appellant submitted that the assessee had converted the shares held by her as a stock-in-trade and claimed the closing stock at the cost at which the shares were acquired or the market value as on that date whichever was lower. However, the aforesaid aspect of the matter has not been appreciated by the authorities under the Act....