2009 (1) TMI 94

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....ing question: "Whether on the facts and evidence Tribunal's restoration of disallowance of Rs.8,00,000/- on account of alleged difference in value of stock is sustainable in law? The Assessment Year in question is 2004-2005. The respondent-assessee, who was carrying on construction business in past, re-valued the stock-in-trade and work-in-progress from Rs.9,00,000/- to a sum of Rs.1,00,000/....

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....f accounting followed by the assessee for the purposes of valuation of closing stock had remained the same all throughout. That consistently the assessee had been following the method of valuation by adopting the method of cost or net realization value, whichever was lower, for the purposes of valuing the closing stock. That such method could not have been disturbed by revenue. It was therefore, u....