2006 (11) TMI 729

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.... Following question of law has been referred for opinion of this Court by the Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh arising out of its order dated 22-11-1995 passed in IT Appeal No. l469 (Chandi) of 1990, in respect of the assessment year 1987-88. "Whether on the facts and in the circumstance of the case, the Income-tax Appellate Tribunal was right in law in deleting....

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....asis for not accepting the valuation of closing stock-in-process. It was further observed that if the Assessing Officer objected to the valuation of the closing stock, he should have also objected to opening of the stock on the same basis, which was not done. It was held in the circumstances disturbing the closing stock valuation of the work-in-progress was not justified. 4. Learned counsel for....

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....d by the assessee did not truly disclose the picture of income derived. In the present case the assessee applied the same principle for valuation of the opening stock, which was applied for valuation of closing stock and further the same method was being applied consistently even in all subsequent years. In such a situation, the Tribunal was justified in holding that accounts of the assessee discl....