TaxTMI 
TaxTMI 
2002 (10) TMI 73
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.... Revenue are: "(1) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal 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 allowe....
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....iness continued as the proprietary concern of the other. The closing stock of gold as on the date of retirement 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 solderin....
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....had been calculated by the assessee and accepted by the Assessing Officer. The Commissioner's order having 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....