TMI Blog2008 (8) TMI 312X X X X Extracts X X X X X X X X Extracts X X X X ..... as the Tribunal have given a categorical finding that the stocks available with the assessee were in the warehouse and governed by the excise rules and it is also expressed by both the parties that it was always possible for the assessee to show the value of the stock-in-trade based on the actual realisable value to the Department and reflected value of the stock-in-trade for the purpose of banking – Therefore, both the questions answered in favor of assessee and against the Revenue. - 48 of 2004 - - - Dated:- 19-8-2008 - K. L. MANJUNATH and A. S. PACHHAPURE JJ. M. V. Seshachala for the appellants. K A. Hemraj for the respondent. JUDGMENT The judgment of the court was delivered by K. L. MANJUNATH J. - This appeal is by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ock to an extent of Rs. 5,65,000. Therefore, these two amounts were included as income of the assessee for the relevant assessment year. This order was questioned by the assessee by filing an appeal before the Appellate Commissioner. 3. The Appellate Commissioner after hearing the parties noticed that the plant and machinery were dispatched by its manufacturer on March 31, 1996, from Poona. Actually, the plant and machinery were delivered to the assessee in the next assessment year and, therefore, the inclusion of the value of the plant and machinery amounting to Rs. 3,41,659 has to be deleted. Similarly, the Appellate Commissioner was also opined that the assessee being a small scale industrial unit and the stock being governed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not a ground to assess the value of the goods received by the assessee after March 31, 1996. as an income. Therefore, we have to answer substantial question of law No.1 against the Revenue. So far as substantial question of law No. 2 is concerned, both the Appellate Commissioner as well as the Tribunal have given a categorical finding that the stocks available with the assessee were in the warehouse and governed by the excise rules and it is also expressed by both the parties that it was always possible for the assessee to show the value of the stock-in-trade based on the actual realisable value to the Department and reflected value of the stock-in-trade for the purpose of banking. Therefore, we have to answer substantial 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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