Itxa/1159/2012 Of The Commissioner Of Income Tax -18 v. Ms/. Hinduja Estate Developers

kps IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1159 OF 2012 Commissioner of Income Tax. ..Appellant -Versus-M/s Hinduja Estate Developers. ..Respondent .......... Mr.Arvind Pinto, for the Appellant. .......... CORAM : S.C. DHARMADHIKARIANDA.K. MENON, JJ. DATE : 26[th] September, 2014 P.C. 1This Appeal by the Revenue challenges the order passed by the Income Tax Appellate Tribunal in Income Tax Appeal No.3820/Mum/2008 dated 29.07.2011. The Assessment Year is 2002-2003. The only two questions which have been pressed as substantial questions of law are in the backdrop of change in the methodology of valuation of closing stock adopted by the Assessee. The Tribunal as a matter of fact found that new method was adopted to value the closing stock as universally recognized and accepted mode of valuation and it is because of the report of the registered Valuer. That report indicated that the market price of the stock of real estate was lower than its cost. That is how the change in the method of valuation of closing stock was adopted. That has been found to be bonafide by both the Tribunal and the Commissioner of Income Tax (Appeals). Therefore, the findings of fact rendered in paragraph 9 of the order under challenge are consistent with the material placed on record. They do not raise any substantial question of law. The Appeal is, therefore, dismissed. No order as to costs. (A.K. Menon, J)(S.C. Dharmadhikari, J)