TMI Blog2013 (7) TMI 322X X X X Extracts X X X X X X X X Extracts X X X X ..... disclosed by the assessee is incorrect but the account books are properly maintained - Decided against the revenue. - Income Tax Appeal No.-318 of 2011 - - - Dated:- 3-7-2013 - Hon'ble Prakash Krishna And Hon'ble Manoj Kumar Gupta,JJ. For the Appellant : A. N. Mahajan For the Respondent : Anurag Khanna ORDER Sri R.K. Upadhyaya, Advocate has filed his appearance slip on behalf of the appellant. Let it be taken on record. Heard Sri R.K. Upadhyaya, learned counsel for the appellant and Sri Anurag Khanna, learned counsel for the assessee-respondent. Present appeal has been filed under Section 260-A of the Income Tax Act (hereinafter referred to as 'the Act') against the order dated 11th March, 2011 passed by the Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Revenue and accepting the account-books of the assessee. Reliance has been placed on a decision of Karnataka High Court in Recon Machine Tools P. Ltd. v. Commissioner of Income Tax, (2006) 286 ITR 637. Learned counsel for the respondent, on the other hand, supports the order of the Tribunal. Considered the respective submissions of the learned counsel for the parties and perused the record. It may be noted that the additions were made by the Assessing Officer on the ground that the assessee has not properly disclosed the closing stock of the raw material. There is discrepancies with regard to the closing stock of raw material in between the statement furnished before the bank and as shown in the account-books. The issue has been examine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, the book results cannot be enhanced merely by re-valuing the closing stock. In these circumstances, we are of the view that the consistent method adopted by the assessee should have been accepted by the Assessing Officer. Further, no other discrepancy has been pointed out in the books of account. In this scenario various objections regarding cost of production, mathematical basis for valuation of work in progress, valuation of packing material, quantitative-wise cost of items and difference in two inventories loose significance. Therefore, we are of the view that the learned CIT(A) rightly deleted the addition made by the Assessing Officer." The finding recorded by the Tribunal in above para is essentially finding of fact. So far as th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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