TMI Blog2006 (4) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... Sri R. K. Upadhyaya, appearing for the Income-tax Department. The question sought to be raised for the purpose of this appeal are as follows : (1) Whether the non-mention of section 145 in the order of the Assessing Officer vitiates the action by the Assessing Officer ? (2) Whether the question of undervaluation of the closing stock can be examined by the Assessing Officer under the Income-ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the Gujarat High Court in the case of Sadhuram Gordhandas v. CIT reported in [2002] 253 ITR 695. The Gujarat High Court in turn relies upon certain decisions of the Supreme Court, namely: (1) Chainrup Sampatram v. CIT [1953] 24 ITR 481 and (2) Sakthi Trading Co. v. CIT [2001] 250 ITR 871. 5 We are unable to read any of the aforesaid two decisions of the Supreme Court or the de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as no proof was furnished by the appellant of the fact that market value on the relevant date was lower. This is basically a finding of fact recorded on the appreciation of evidence. We do not find any defect in approach of the authority especially because of not tendering any evidence from the appellant's side to show that the market value was lower. 8 For the third proposition learned counse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Trade Tax Act will virtually operate as res judicata in proceedings under the Income-tax Act. Moreover, while computing the question of turnover under the U. P. Trade Tax Act, the valuation of closing stock is not very relevant and therefore, the trade tax authorities may not be seriously concerned with the question. 11 Because of the above reasons, we are unable to find any question of law ..... X X X X Extracts X X X X X X X X Extracts X X X X
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