2013 (7) TMI 322

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..... 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 .....

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..... e A.O. was different from the stock inventory filed with the bank, when the addition on this score itself has been confirmed by the Hon'ble Karnataka High Court in the case of Recon Machine Tools Pvt. Ltd. Vs. CIT 286 ITR 637 ?" (3) Whether on the facts and in the circumstances of the case, the Tribunal is justified in law in ignoring the ratios laid down by the various courts wherein it has been .....

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..... e 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 examined in depth by the First Appellate Authority and the Tribunal as well. The Tribunal has recorded categorical finding in para-5 of the order which is .....

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..... k have to be valued on a consistent basis i.e., either on cost or cost or market value whichever is lesser. Further, there have been delays in selling finished goods and in such cases the sale price may not reflect the fair market value of the goods on the close of the previous year. However, the aforesaid method has been employed on a consistent basis. In case the Assessing Officer wanted to chan .....

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..... r." The finding recorded by the Tribunal in above para is essentially finding of fact. So far as the decision of Karnataka High Court in Recon Machine Tools P. Ltd. (supra) is concerned, same is distinguishable on facts. There, it was found as a fact that the closing stock as was disclosed in the bank statement, in absence of any contrary material is to be accepted as correct. In the case on hand .....

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