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2004 (11) TMI 94 - HC - Income TaxRespondent, deals in tanning of raw hides - "Whether Tribunal was correct in law in holding that the revaluation of the material and tanning charges on the 17,408 hides of the closing stock is to be made after giving a set off of a similar revaluation of the 17,238 hides as appearing in the opening stock and, accordingly, in effect, revaluing only balance 170 hides (17,408-17,238) in process?" – We find that the value of the closing stock for the earlier AY 1981-82 would be the value of the opening stock for the AY 1982-83 and any change in the valuation of the closing stock of the AY 1982-83 will have no effect on the value of the opening stock of the AY 1982-83. Thus, the Tribunal was not justified in applying the tanning charges of Rs. 47 per hide only in respect of 170 hides and making adjustment of 17,238 hides being the opening stock of that year
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