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2005 (1) TMI 57 - PUNJAB AND HARYANA HIGH COURT
Valuation of stock - "(1) Whether Tribunal was right in holding that ad hoc method of account is one of the recognised method of valuing stocks under the principles of accountancy? (2) Whether Tribunal was right in law in confirming the order of the Commissioner of Income-tax (Appeals) deleting the additions of Rs. 83,192 and Rs. 2,336 made by the IAC(I), Karnal, on account of undervaluation of closing stock of gold and silver, respectively? - The questions referred by the Tribunal are answered in favour of the assessee and against the Revenue.