TMI Blog2002 (10) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of 10-15 per cent. has to be allowed in respect of wastage as against the actual market rate quoted on the date of retirement? - (2) Whether, Tribunal was right in law and had enough materials to hold that the original assessment order was neither erroneous nor prejudicial to the interests of the Revenue? - (3) Whether, Tribunal was right in law in holding that the Commissioner of Income-tax w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l was right in law and had enough materials to hold that the fair market value of the closing stock of jewellery as on the date of retirement of partner, Shri G. Mahalakslimi Ammal, has to be adopted on the basis of wholesale rate and further deduction of 10-15 per cent. has to be allowed in respect of wastage as against the actual market rate quoted on the date of retirement? (2) Whether, on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent was taken as 88,520 grams. The assessee valued it at Rs. 185 per gram, after stating that the market wholesale rate for 22 carat gold was at Rs. 193 per gram. The rate adopted by the assessee was justified on the ground that the gold ornaments contained copper which is used for soldering and therefore, its purity was less and on account of loss of purity, a deduction of 15 per cent. was requ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng been challenged before the Tribunal, the Tribunal set aside that order on the ground that the order of assessment was neither erroneous nor prejudicial to the interests of the Revenue. The questions involved are essentially questions of fact with regard to the extent of discount to be given. We have no material before us on which the correctness or otherwise of the deduction given can be test ..... X X X X Extracts X X X X X X X X Extracts X X X X
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