| COURT: | ITAT Cuttack |
| CORAM: | N. S. Saini (AM), Pavan Kumar Gadale (JM) |
| SECTION(S): | 143(3), 263 |
| GENRE: | Domestic Tax |
| CATCH WORDS: | closing stock, method of valuation, Revision u/s 263 |
| COUNSEL: | S. K. Tulsiyan |
| DATE: | September 12, 2018 (Date of pronouncement) |
| DATE: | September 26, 2018 (Date of publication) |
| AY: | 2012-13 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 263 Revision: U/s 114(e) of the Evidence Act, there is a presumption that a s. 143(3) assessment order is regularly passed after application of mind. If the assessee is consistently following the same method of valuation of closing stock, the CIT is not entitled to disturb the consistent method (all judgements referred) | |
The conclusions being drawn up as a result of enquiry is a highly subjective exercise and as to what is appropriate conclusion is something on which perceptions vary from person to persons. These variations in the perceptions of the Assessing Officer vis-a- vis that of the Commissioner, cannot render an order erroneous and prejudicial to the interest of the revenue
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