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2016 (2) TMI 307 - HC - Income TaxReopening of assessment - valuation of stock questioned - Held that:- As during the original scrutiny assessment, the issue of valuation of stock had been examined at length. We may recall that the assessee is engaged in the business of jewelery. During a survey operation conducted on 3.2.2010, unaccounted cash was found and difference in stock in the books and physical verification were revealed. During the assessment proceedings, there was considerable debate about the valuation of the stock in the nature of jewelery. The assessee contended that much of the stock may be old and that therefore, current price cannot be applied. The Assessing Officer estimated the valuation of such on stock on average purchase price. It can thus be seen that the question of valuation of stock was one of the prime aspects, the Assessing Officer examined during the original assessment. That being the situation, any attempt on part of the Assessing Officer now to reopen the assessment on the question of correct methodology for valuation of such stock would only be in the nature of change of opinion and not permissible as reiterated by the Supreme Court in case of Commissioner of Income Tax v. Kelvinator of India Ltd. reported in (2010 (1) TMI 11 - SUPREME COURT OF INDIA ) - Decided in favour of assessee
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