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. 553 of 2005Date 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 thejudgment?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 1.6.2005 passed by the Income Tax Appellate Tribunal,Amritsar Bench, Amritsar, in ITA No. 137(ASR)/2002, for theassessment year 1997-98, proposing following substantial questions oflaw:- “i)Whether the Tribunal was right in law inaccepting the valuation of closing stock according todirect cost method when valuation of opening stockhad been adopted by the assessee according to totalcost method?ii)Whether the Tribunal was right in law in nottaking the valuation of closing stock as per the method followed by the assessee in immediately precedingassessment year?iii)Whether the Tribunal was right in law inallowing relief by adopting different method ofvaluation for opening the closing stock? Learned counsel for the appellant states that the aforesaidquestions stand 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