2008 (7) TMI 24

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....nha and Mr Praveen Chauhan   CORAM:- HON'BLE MR JUSTICE BADAR DURREZ AHMED HON'BLE MR JUSTICE RAJIV SHAKDHER BADAR DURREZ AHMED, J (ORAL) 1.   The present appeal pertains to the assessment year 1998-99 and is directed against the tribunal's order dated 02.06.2006 in ITA No.2364/Del/2002.  The issue before the tribunal was - whether the CIT (Appeals) had wrongly d....

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....ed by this order, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals) who allowed the assessee's appeal and accepted the claim of the assessee on account of obsolete stock.  The CIT (Appeals) found as a question of fact that the basis of valuation of closing stock was the approximate market value as estimated by the qualified Chartered Engineer. In his order, he a....

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....atement of the Chartered Engineer as well as his certificate was accepted by the Commissioner of Income Tax (Appeals) and the assessee's appeal was allowed. 3.   The tribunal, while considering the revenue's appeal, confirmed the findings of the Commissioner Income Tax (Appeals). The tribunal also came to the conclusion that neither was there any change in the method of valuation in c....