The Commissioner Of Income Tax, Jalandhar-Ii, Jalandhar v. The Nakodar Co-Op. Sugar Mills Ltd., Nakodar

IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH ITA No. 523 of 2007 Date of Decision: 14.8.2008 The Commissioner of Income Tax, Jalandhar-II, Jalandhar ......Appellant Versus The Nakodar Co-op. Sugar Mills Ltd., Nakodar .....Respondents Coram:HON'BLE MR. JUSTICE HEMANT GUPTA HON'BLE MR. JUSTICE RAJESH BINDAL Present:Shri Vivek Sethi, Advocate, for the appellant. Shri M.R. Sharma, Advocate, for the respondent. 1. Whether Reporters of local papers may be allowed to see the judgment? 2. To be referred to the Reporters or not? 3. Whether the judgment should be reported in the Digest? HEMANT GUPTA, J. This appeal has been preferred by the Revenue against theorder dated 1.6.2007 passed by the Income Tax Appellate Tribunal,Amritsar Bench, Amritsar, in ITA No. 304(ASR)/2006, for theassessment year 2001-02, proposing following substantial question oflaw:- “Whether on the facts and in the circumstances of thecase, Tribunal erred in law in accepting the valuationof closing stock according to direct cost method whenvaluation of opening stock had been adopted by theassessee according to total cost method?” Learned counsel for the appellant states that the aforesaidquestion stands concluded against the Revenue in view of the judgmentof the Division Bench of this Court in Commissioner of Income Tax, Jalandhar-II, Jalandhar v. M/s The Nakodar Co-op. Sugar Mills Ltd.,Nakodar (ITA No. 128 of 2002 decided on 17.12.2007). Following the Division Bench judgment in the aforesaidcase, the present appeal is dismissed. (HEMANT GUPTA)JUDGE 14-08-2008 ds (RAJESH BINDAL)JUDGE