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2003 (4) TMI 54 - BOMBAY HIGH COURTReference application – The Tribunal has not gone into the validity of the method of valuation of closing stock followed by the assessee. The appeal has been rejected only on the ground that the material evidence was not produced and. that the finding of the Assessing Officer remained uncontroverted. However, on a perusal of the record, as discussed above, the assessee had challenged the finding of the Assessing Officer and there is nothing to show that the assessee was called upon by the Assessing Officer to produce the material supporting evidence regarding ageing of stock - The assessee is rightly allowed and permitted to raise the plea regarding not asking to produce the relevant evidence while making valuation of stock in the reference application - It is purely on facts of this case and in the interest of justice that we are permitting the assessee to raise this ground in the reference application
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