TaxTMI 
TaxTMI 
2021 (2) TMI 582
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....come Tax (Appeals) is arbitrary, unjustified and against the provisions of law. 2. The Ld. Commissioner of Income Tax (Appeals) has erred in law and facts in not appreciating the facts that the appellant has not made the cash payment of Rs. 3,01,00,000/- apart from the amount mentioned in the registered purchase/sale deed for the investment in the purchase of land. Further, before the tax authority, the person who is alleged to had received the cash payment had confirmed that he had not received any amount over and above the consideration stated in the sale deed. Therefore, the Ld. Commissioner of Income Tax (Appeals) is not justified in confirming the additions of Rs. 3,01,00,000/- in the hands of the appellant. 3. The Ld. Commissioner of Income Tax (Appeals) has erred in law and facts in not appreciating the judgments of the various High Court and the Apex Court relied upon by the appellant which squarely applies to the facts of the case while confirming the additions of Rs. 3,01,00,000/- and therefore, the action of the Ld. Commissioner of Income Tax (Appeals) is arbitrary, unjustified and against the provisions of law. 4. The Ld. Commissioner of Incom....
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....additional evidence that the land in respect on noting are made, has not been purchased and adjacent land was purchased, was admitted in violation of Rule 46A(3 ) of Income Tax Rule 1962. 6. In the fact and circumstance of the case, Learned CIT(A) has erred in law and on facts in deleting the addition of Rs. 90,34,000 /- towards unexplained investment in GTM Kashipur - II on the basis of seized documents while ignoring the provisions of section 132 (4 A) and 292- C of Income Tax Act. 7. In the facts and circumstances of the case, Learned CIT(A) has erred in law and on facts in deleting the addition of Rs. 1,25,00,000 /- towards undisclosed income on sale of flats as recorded in documents seized during search in GTM Group and impounded during survey under section 133A in M/ s Haryana Citizen Co-operative Housing Society while ignoring the provisions of section 132(4A) and 292-C of Income Tax Act, 1961. 8. In the facts and circumstances of the case, Learned CIT(A) has erred in law on facts in deleting the addition of Rs. 1,80,00, 000 /- towards undisclosed expenditure for acquiring certain rights in Wings CGHS Limited, Gurgaon while ignoring the provisions ....
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.... 4612000 5000000 4000000 1500000 3500000 1500000 Cheques to be paid of Rs. 2, 27, 50, 000 /- 500000 Cash of Rs. 2, 53, 98, 497/- 1000000 1827124997 2000000 2500000 8500000 10500000 B.N.B. 55907000 The other side of the above page showed the following entries: Total deal 271420134 Paid in cheque 174771637 Cash - 12100000 + 7500000 +10500000 30100000 Balance 204871637 48148497 4000000 44148497 The AO had drawn the following conclusion on the above seized documents. "Rs. 25, 30, 20, 134 /- represents the cost of the project without registry. (Registry of the land was done at Rs. 1, 84, 00, 000 /-). The total cost of the project is Rs. 27,14,20,134 /-. Amount paid by cheque is Rs. 17,47,71,637/-. Amount paid by cash is Rs. 3,01,00,000/-. Therefore total amount paid is Rs. 20,48,....
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....he dairy front & back page and as per the noting on the diary pages and also the loose slips seized vide Annexure-21, Page-1, Annexure A- 16 page 28 -29 & 7 are rough calculations which have been made by calculating the amounts required but it cannot be treated as amounts paid. 12. He argued that while the rough pages reflects total payment of Rs. 27, 14, 20, 134/-, the actual payment made for the said land was infact Rs. 20, 30, 27, 000/-. Hence, the conclusion of the Assessing Officer that the undisclosed investments on the land amounts to Rs. 6, 84, 50, 134/- was wrong on facts. 13. It was argued that the AO has wrongly made addition of this amount of Rs. 6, 84, 50, 134/- substantially in the hands of the assessee and protective assessment has been made in the hands of M/ s Sargam Estate Pvt. Ltd. on the premise that the cheque payment has been made by the assessee and the cash payment could have been made by the M/ s Sargam Estate Pvt. Ltd. and since both the amounts are generated by the assessee, the same has been added substantially in the hands of the assessee. It was argued that while the land of 58 Bighas was purchased on 22.08.2006 for total consideration of Rs. 20,....
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....ssessee. 18. We have gone through the page no. 9 of Annexure A 21, page no. 28, 29 of Annexure A 16, page no. 7 of Annexure A 16. 19. Page no. 9 of Annexure A 21 is a diary relied upon by the Assessing Officer to treat the summary of transactions and payment of the land. Page no. 1 Annexure A 21 reflects calculation of cost of land area, average rate, car parking etc. Page no. 7 of Annexure A 16 gives the details of payment made to the sellers. Page no. 28, 29 of Annexure A 16 are the details of payments made to Iqbal. 20. Page no. 9 of Annexure A 21 reflects writing "cheques to be paid" to Rs. 2,27,50, 000 /- and " cash 2,53,98, 497 below that is a figure of 18,27,12,497. On the back side of page no. 9 (page 143 of paper book) mentions above cost per bigha @ Rs. 43,62,416 /- which amounts to Rs. 27, 14, 20, 137/- including registration and other amounts. The page shows Rs. 3, 01, 00, 000/- and a total of Rs. 20, 48, 71, 637/-. We also find that the total consideration for purchase of land at Dehradun was Rs. 20, 30, 27, 000/-. Hence, it cannot be said that the amount of Rs. 3.01 Cr. has been paid in cash. Had Rs. 3.01 Cr. been paid in cash, the total cost of purchase paid....
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....ade protective assessment in the hands of Sargam Estate Pvt. Ltd. and substantive assessment in the case of the assessee. 24. The ld. CIT (A) deleted the addition on the grounds that there has been no evidence on record by the AO to show that Sargam Estate Pvt. Ltd. is a dummy company of the assessee. The ld. CIT (A) held that the addition has been made on the basis of statement recorded which cannot be given any credence. The ld. CIT (A) held that the transactions with Shri Virender Sing and Shri Paramjeet Singh could not be with the notings/jottings on Annexure A-20 on page 19 -20. If the AO had doubt about the rate of land reflected in the notings and purchase rate as disclosed in the records and deal he should have made thorough inquiry from the sellers and investigation about Mr. Shishir as to whether he was seller or broker etc. before jumping to any conclusion. He also held that the transaction of land had taken place with Mr. Virender Singh & others and Mr. Parmjeet Singh whereas on the notings in Annexure A-20 on page 19-20 is in the name of 'Mr. Shishir' and land measurement is '9.81' in place of 10 acre. 25. Before us, the ld. DR relied on the order of the Asses....
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....mployee of GTM group and recently has been made one of the directors of the flagship company. In his statement recorded during the search as well as during post search proceeding, Shri Mohit Vohra stated that these papers were handed over to him by Mr. Tushar Kumar for further handing over to same to one Mr. Kansal at Sector 56, Gurgaon. He expressed his ignorance about the nature of these papers and did not give any further explanation. In addition to the above, some documents relating to cooperative societies were also found from the residence of Shri Tushar Kumar. During the course at the residence of Shri Mohit Vohra various documents were found which were related with the Bhagwanti cooperative group housing society. 61. Shri Mohit Vohra was asked about these papers during the course of search at his residence. He was asked Q.1 I am showing you annexure A 1 containing pages 1 to 10, which is seized from your residence during the course of search. Please go through each page of this annexure thoroughly and carefully, please tell what they are about? Ans. I have gone through each and every page of this annexure, but I find myself unable to expl....
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....ctrical fixtures and other items in various societies/housing schemes on contract basis. I also used to assist in getting loans as I was having experience of arranging finance having worked with a finance company. This is only prospective list of the names of the flat owners along with the flat nos. for contacts etc. There is no transaction pertaining to me. 62. The reply provided is clearly an afterthought as there is a clear contradiction in the reply provided by Shri Mohit Vohra. Further when he was asked A-3 /1 -48 Copies of letters relating to payment of installments by members who have booked flats in Haryana CGHS Ltd., original receipts issued by Bhagwanti CGHS for payments made by members. Please explain the same. Whether you have shown these transactions in your books of accounts. He replied I was an authorized loan coordinator of Loan Pundit and Trendsetters Finance Company vide their letter dated 10.01.2006 I was a mediator between the mentioned companies and various clients for different housing projects. The clients in various housing projects would approach me for arranging financial assistance or I used to contact them so that I co....
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.... 79. When Shri Tushar Kumar was confronted with this article during his statement on 13.03.2006 he was asked Q.7 I am showing you a printout of a newspaper article of Indian express dated 11.08.2006 which says that GTM projects also include Ananda and Garima in Gurgaon. What do you have to say? Ans. The facts are incorrect. GTM has nothing to do with the projects. As the matter of Bhagwanti Co-operative G/H Society pertains to Asstt. Year 2006-07, further discussion regarding the same is in Asstt. Order for Asstt. Year 2006-07. The Haryana Cooperative Group Housing Society, GH No. 80, Sector 56, Gurgaon 87. A survey was conducted u/s 133 A of the I T. act 1961 on 21.03.07 on Haryana Cooperative Group Housing Society. This society was formed in 1998 but construction of the society is in progress. The society has 43 flats. During the course of survey, a diary was found in the possession of Shri Kishan Gopal Rastogi who was the construction supervisor at the site which was impounded as Annexure A-10. The diary has various notings in the handwriting of Shri Kishan Gopal Rastogi of payments made and received. On page 7 of the diary the fo....
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....arious papers were found and seized from the residence of Shri Mohit Vohra, then filed the reply acknowledging that the paper related to their society but said that individual members might have applied for loans and hence the society cannot answer the question. When questioned about the dairy found and seized from Shri Rastogi replied that, This is a Rough and personal diary of Shri Kishan Gopal Rastogi. He is neither a member nor office bearer of the society. We have thoroughly scrutinized the accounts of the Society and could not establish any correlation with the noting of this page. As per the sources known, it is found that Shri Kishan Gopal Rastogi used to work as supervisor for few contractors of this as well as other societies. It is further mention that there is no link even with Tushar. The Society cannot provide any proof of what so ever in this regard, hence there is no question of even thinking any income to the society. It has not issued or received any cheque from or to Tushar. This can be verified from our books of accounts which are produced before your good self hence this page has no relation or link with society. When further....
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....rative Group Housing Society is also known as the Park Royal. When the society was questioned about it, replied It is also advised that 'Park Royal' is the name of the building of the society considered by the member of the society. During the course of search in the office of M/s GTM Builders, a diary as found and seized annexurised as party A-3, annexure 19. On page 34 of this dairy following has been written in the hand writing of Shri Tushar Kumar. "Transfer charges P. Royal, Shri Sankalep Gautom, Shri Hari Singh and Shri A. K. Mishra." When M/s GTM Builders were questioned about them then he replied that these are only rough notings. When Haryana Citizen Group Housing Society then they replied that Party A-3 "Annexure XIX" page 34 in connection with above we can only say that Shri Sanklap Gautam, Hari Singh and A.K. Mishra appears to be the member of the society. Thus, it is absolutely clear that M/s GTM Builders were involved in the working of Haryana Citizen Group Housing Society. When the Haryana Citizen Group Housing Society were questioned about why it should not be treated as a benami concern of M/s GTM Builders the r....
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....Officer to make the addition. The society clearly submitted before the AO that he was neither a member nor office bearer of the society. He was a work supervisor for few contractors of HCCGHS and also to other societies. No link with the society has been found as per the statement of the society. The allegation of the revenue that the HCCGH society is a benami of the assessee company cannot be held to be a valid statement as the society is a separate distinct entity and registered with Registrar of Cooperative Societies, Chandigarh. There was no proof that the society has given money in cash to the company or is Director. In the absence of any material depicting or indicating payment of cash to the assessee, no addition is called for. Hence, we decline to interfere with the order of the ld. CIT (A) on this ground. The appeal of the revenue on this ground is dismissed. ITA No. 3783/Del/2010 AY 2007-08 Ground No. 8 Undisclosed expenditure in Wings CGHS: 32. During the search, at the residence of Director a MoU was seized as annexurised as Annexure A 4. This MoU is between one Shri Ajay Jain and Shri Tushar Kumar for replacement 20 members in the WCGHS. The excerpts of MoU....
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....between the MoU and the handwritten paper. 35. The AO held that from the seized material, it is absolutely clear that Shri Tushar Kumar has paid an amount of Rs. 1.80 Crores for enrolling members and taking control of the society and the amount was added u/s 69 of the Act. 36. The ld. CIT (A) deleted the addition on the grounds that the agreement has not fructified prima facie. 37. Before us, the ld. DR relied on the order of the Assessing Officer while the ld. AR supported the order of the ld. CIT (A). 38. We have gone through the entire material on record and the orders of the authorities below. We find that the Assessing Officer has made addition by holding that the MoU mentions about payment of amount by Shri Tushar Kumar to Shri Ajay Jain whereas the facts speak otherwise. During the search itself, it was conveyed that Shri Tushar Kumar did not want to enter into an agreement with Shri Ajay Jain as per the MoU. The said MoU was also not signed by Shri Tushar Kumar. The Mo U cannot be treated as executed. There was no evidence of payment of cash. The seized material did not mention any payment of cash. Hence, it cannot be held that the assessee has paid an amount of....
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....by the ld. CIT (A). ITA No. 3783/Del/2010 AY 2007-08 Ground No. 10 Unexplained advertisement expenses: 43. The AO held that the GTM group has tried exceedingly hard to build a brand image through advertising on T.V., FM Radio and the print media on a very large scale. They are one of the highest advertisers in terms of spending on Red FM Channel and advertisements of " GTM Jewellery Mart" and " Jewellery Tips by Tushar Kumar" are a regular feature on the channel. It was held that the revolving box of the GTM group can invariably be seen on the Ticker on the Sahara Channels. In order to ascertain the quantum of advertisement expenditure summons were issued by the Investigation Wing to the following parties, (i) Sahara TV network (ii) Radio City (FM) (iii) Red FM (iv) Radio Mirchi to ascertain the actual amount of advertising expenditure being incurred by the group. The results are presented as under F.Y. Sahara TV Radio City Radio Mirchi Red FM GTM(J) GTM(B) GTM(J) GTM(B) 04 -05 2109050 1625044 1479224 05 -06 &nbs....
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.... order of ld. CIT (A) on this ground. ITA No. 3578/Del/2010 AY 2007-08 Ground No. 4 & 5 Unexplained investment in stock of jewellery: Addition on account of GP: 48. The GTM group has diversified into certain other areas of business activity, one of them being the sale of jewellery. A separate company by the name of GTM Jewellery Mart Pvt. Ltd has been formed for this purpose with effect from 26.7.2006. A jewellery showroom has been opened at the main office premises of the Group namely GTM House, G-5, Pushkar Enclave, Paschim Vihar, New Delhi. 49. The excerpts from the order of the AO are as under: "During the course of search the physical inventory of the jewellery stock lying at the showroom was taken and valuation was done by the Government registered valuers. As a result the total stock of jewellery lying at the premises was found to worth Rs. 7, 19, 07, 124/-. However, as per the stock statement appearing in the books of accounts, the total stock of jewellery was shown at Rs. 2, 17, 34, 864/-. Accordingly, on the date of search, there was found to be excess stock of Rs. 5, 01, 72, 260/- lying at the premises of the company. When asked to explai....
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....626/- while the stock being shown in the books was only Rs. 2, 65, 79, 576 /-. Thus there was excess stock of jewellery to the extent of Rs. 4, 02, 94, 050/- which had not been shown in the books of accounts and thus clearly represented investment made by the group out of its undisclosed income. When confronted with this fact, Shri Gautam Kumar replied as under:- " As my son Tushar Kumar has already declared Rs. 17 crores as undisclosed income and offered for taxation on account of overall business activities of GTM Group i.e., M/s GTM Jewellery Mart Pvt. Ltd, M/s GTM Builders and Promoters Pvt. Ltd, M/s GTM Blanket Udyog Pvt. Ltd, including residence of Tushar Kumar and myself. The bifurcation of this surrender u/ s 132 (4) of the I. T Act will be submitted later" As stated earlier, in his statement recorded during the search Shri Tushar Kumar has specifically surrendered an amount of Rs. 4.57 crores on account of the undisclosed investment in the jewellery. Revised value of excess stock of jewellery The value of the excess stock was arrived at during the search by reducing from the gross value of Rs. 7, 19, 07, 124/-, the stock as per books Rs.....
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.... 12 /12 /06 71, 9, 07, 124 Add: Bills which were accounted for in the books of accounts 48, 44, 712 Less: G. P. 50, 33, 498 2, 65, 79, 576 6, 68, 73, 626 Difference (6, 68, 73, 626 - 2, 65, 79, 576): 4, 02, 94, 050 But in fact the stock has not been valued by applying the mode of valuation adopted by the assessee since from their incorporation. They have always valued the stock "at cost or market price whichever is lower/ average cost method. While in the instant case the stock has been valued merely by taking the tag value of each item. It will not be out of place to state here that even the valuer has stated in his certificate that it has been valued at tag value. The facts cannot be denied that in the assessee' s line the tag value had never been its "cost/average cost". Apart from it, the facts cannot be denied that there is day to day's fluctuation in the market in this line. One has to follow the rate declared early in the morning on that day. That without prejudice to such facts the stock is to be valued by applying the mode of valuation which has been adopted by the assessee. The assessee had....
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.... be valued at cost or market price whichever is lower/average cost method adopted by the assessee since its incorporation. As stated in the earlier paragraphs the assessee has prepared a list with supporting documents for its purchase, thus, the value desen/es to be considered accordingly." Further assessee filed a letter dated 17.12.2008 saying that The assessee company had complied with your questionnaire letter dated 3 rd November. 2008 by filing the sought information on 524 items of your questionnaire letter along with relevant documents to the support of each and every item, however, to avoid the lengthy process of its verification on each and every item of the questionnaire letter which may take considerable time as well as sufficient factors to arrive at that all the loose papers have been considered precisely or not. Further, in support of the statement recorded on the day of the action u/s 132 of income tax act 1961 we may summarise the facts that its (jewellery) valuation has been ascertained amounting to Rs. 6, 68, 73, 626 /- while the books of accounts were revealing to the tune of Rs. 26579576/-, the maximum justification could have ended by....
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.... rate is given by applying 7% probably keeping in view the G.P. rate shown in the prescribed Form 3CD of Audit Report u/s 44 AB of Income Tax Act, 1961 while in fact the G.P. rate of Jewellery Unit is 19.47 % as an annexure is enclosed. It is needless to state here that in the previous year i.e. Asstt. Year 2006-07 when there was very nominal business the G.P. rate was.48 %. However, in the enclosed annexure the value has been ascertained by applying the G.P. rate @ 19.47%. It is quite admittable that the Director Sh. Tushar Kumar in the statement recorded on 13 th December, 2006 in continuation to the statement recorded on the date of search and seizure operation dated 12th December, 2006 agreed to surrender an amount of Rs. 4.57 Crores as undisclosed investment in the stock of jewellery in a reciprocal manner on the terms and conditions that no penal action u/s 271(1 )(c) shall be taken in this respect. The other Director Sh. Gautam Kumar also confirmed the statement of Sh. Tushar Kumar in this respect. It is humbly submitted that the quoted amount of Rs. 4.57 Crores was surrendered in haste after continuous seizure operation of 36 hours while in fact the difference even....
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....wellery under the name of GTM Jewellery Mart Pvt. Ltd. During the course of search physical inventory of the jewellery stock lying in the show room was taken and the valuation it was worth Rs. 7, 19, 07, 124/-. However, as per stock records; the same was shown at Rs. 2, 17, 34, 864/-. He, therefore found excess stock of jewellery at Rs. 5, 01, 72, 260/-. When asked to explain, the discrepancy, Sh. Gautham Kumar, Director of the company stated that in the case of Diamond Jewellery, the value had been taken at tag price of sale price. Since this was higher than the purchase price of the jewellery, he stated that the GP rate should be deducted to find out the value jewellery. Considering this request, the AO valued the cost at Rs. 6, 68, 73, 626 /- whereas the stock shown was Rs. 2, 65, 79, 576/-. The difference of Rs. 4, 02, 94, 050/- was treated as unexplained cost of jewellery. The assessee further stated that the difference pertains to certain purchases which were not accounted for in the book of accounts as it is generally entered only on final approval. Further he also stated that the GP rate of jewellery is about 19.47% as against 7% shown in Form 3CD. The AO was not convinced ....
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....sion in the appellate proceedings. While going through the said rule it is noted that rule 46 is not applicable in the case of the appellant as there is no mentioning in the said rule for admission of fresh evidences in the appellate proceedings. However, it was treated as typing mistake in referring the rule 46 in place of rule 46A. In its submission before me the appellant has pleaded that the search party as well as the AO has allowed two unrecorded purchase bills of Rs. 4844712 /- to arrive at correct stock as per books of accounts, similarly bills for ' Goods on Approval' should be admitted u/ r 46A which were accounted for on 31.03.2007 and 14.12.2007. In this regard it is worth noting and question arises as to why the list of so called 'Goods on Approval' was not produced before the search party like two unrecorded purchase bills of Rs. 4844710/- and even after search operation. A further question arises as to why these bills for so called ' Goods on Approval' which are claimed to have been entered into books of accounts on 31. 03.2007 and on 14.12.2007 were not produced before the AO during the assessment proceedings. The appellant has not given a....
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.... before him. or 2) The appellant was not prevented by any cause, or 3) The appellant was not prevented by any cause from producing the evidences before the AO which is relevant to this ground of appeal, or 4) The AO has afforded sufficient opportunity before passing the assessment order. Since this issue was never raised before the AO as it is admitted fact. Therefore, in view of above I do not find any circumstance or situation to admit the additional evidence u/r 46A of the Income Tax Rules, 1962. Hence, no fresh evidence is admitted u/ r 46A of the Income Tax Rules, 1962. The AO found that the Appellant has diversified into the business of jewellery under the name of GTM Jewellery Mart. During the course of search physical inventory of jewellery stock lying in the show- room was taken and the same was valued at Rs. 71907124/- by the Govt. registered valuer. However, in the books of accounts it was shown at Rs. 21734864/-, He, therefore found excess stock of jewellery at Rs. 50172260/-. When asked to explain the discrepancy, Sh. Gautam Kumar, Director of the appellant co. stated that in the case of Diamond jewellery, the value had been....
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....during the assessment proceedings. The AO has also mentioned in the assessment order that the assessee has not produced any proof whatsoever how it has arrived at GP rate of 19.47%. He has further mentioned that there is no separate profit and loss account and balance sheet that has been filed for the jewellery unit. It is also observed by the AO that the concession of GP @ 7% from the valuation of physical stock is given probably with a view of GP rate shown in the prescribed Form 3CD of Audit Report u/s 44 AB of the Income Tax Act, 1961. In the assessment order the AO has mentioned that in the statement recorded during the search Sh. Tushar Kumar has specifically surrendered to the extent of Rs. 4.57 crores on account of the undisclosed investment in the jewellery. Later on father of Sh. Tushar Kumar was confronted on this issue, he also admitted that total surrender includes surrender of undisclosed investment in jewellery. As mentioned above the AO found that two unrecorded purchase bills of jewellery worth Rs. 4844712/- had not been accounted for in the books of accounts for jewellery physically taken by the search party. The AO allowed the credits for bills ....
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....garding GP rate. The AO has mentioned in the assessment order that the assessee co. has not maintained any separate books of accounts/profit & loss account and balance sheet of jewellery unit. Under such circumstances he took the GP rate as reflected in the profit & loss account, balance sheet and tax audit report of the appellant co. In support of its contention the appellant has mentioned that it has filed all purchase and sales records/ relevant vouchers before the AO. Further, it has stated that by taking out the figures relating to jewellery unit from its balance sheet it has deduced the GP rate of 19.47 %. In the appellate proceedings the appellant has filed the copy of purchase bills and a working sheet drawing the GP rate of 19. 47%. But in support of such working no separate books or any other proper/ reliable/authenticate evidence whatever has been produced wherefrom the reliability and authenticity could be established. It has not given details of opening stock and closing stock such as method of valuation and how they have been arrived at and on what basis. Further it is also observed that nothing concluding is there to know the correctness and genuineness of t....
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....convenience and benefit. Hence, the submission regarding mode of valuation is not accepted. Since the AO found a mistake that deduction for GP was made from the valuation of overall physical stock found on the date of search whereas it should have been deducted from the value of diamond jewellery only which was valued on tag price. The gold jewellery was valued at prevalent market price i. e. cost based on market price. Therefore, extra deduction of GP, worked out at Rs. 2428921/- on gold jewellery of Rs. 34698876/- @ 7 %. I have considered this issue and hold that correction made by the AO is based on facts. Therefore, keeping in view discussion made in the previous paragraphs I confirm the addition of Rs. 2428921/- made by the AO for gold jewellery. I do not find any infirmity in the action of the AO. Since this addition is a matter of mistake of facts. As far as issue regarding mode of valuation is concerned it is held that it is not tenable in view of irregularity and inconsistency in employing the method of valuation of stock on the part of the appellant for its benefit, as discussed above." 51. Having heard the arguments of both the sides who relied on the respect....