TMI Blog2009 (6) TMI 900X X X X Extracts X X X X X X X X Extracts X X X X ..... r 2005-06. The only grievance raised in this appeal is against the direction of the learned Commissioner of Income-tax (Appeals) for allowing loss on account of change in method of accounting. Briefly stated the facts of the case are that the assessee had mentioned in Form No. 3CD of the audit report that there was change in the method of valuation of closing stock in this year from "cost" to "at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eted this addition by observing that the assessee had properly shown the closing stock of shares at cost or market price. He further noted that this method was also subsequently followed. We have heard the rival submissions and perused the relevant material on record. It is observed that the assessee was hitherto following the method of valuing closing stock of shares at cost. However in the year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the hon'ble jurisdictional High Court in the case of Harinagar Sugar Mills Ltd. v. CIT [1994] 207 ITR 901 (Bom) is misconceived inasmuch as in that case there was nothing to show the bifurcation of the closing stock of sugar into levy sugar and free sugar and hence the assessee was obliged to value the entire stock at one value. On the contrary the hon'ble jurisdictional High Court in the case o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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