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2011 (9) TMI 801 - HC - Income TaxRevision u/s 264 - In the facts of the case the Commissioner under the order impugned has noticed that it was open to the assessee to adopt the method of valuation of the stock, as has been done by the assessee - it has not been found by the appellate authority that the method adopted by the assessee in the present year had not been so followed in the previous years nor there is any mistake in the calculation of the valuation of the closing stock, as done by the assessee - Supreme Court of India in the case of United Commercial Bank v. CIT [1999 -TMI - 5764 - SUPREME Court] wherein it was held that it is open to an assessee to adopt any of the method for computation of the value of the stock and interference in such method, adopted by the assessee, can only be made if it is found that the income of the trade cannot be properly deduced therefrom - Decided in favor of the assessee Why the revisional authority did not find it proper to accept the challenge made to the order of the assessing authority - In Dwarka Nath v. ITO [1965 -TMI - 49313 - SUPREME Court], while dealing with the question whether the order of Commissioner under section 33A of the Indian Income-tax Act, 1922, in pari materia with section 264 of the Act, is judicial or quasi-judicial, the Supreme Court observed that prima facie, the jurisdiction conferred under the section is a judicial one - Decided in favor of the assessee by way of remand to revisional authrity
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