CHHAONI LAL PRAGDAS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is an application under Section 66 (2), Income-tax Act against the refusal by the Income-tax Appellate Tribunal to state a case for the opinion of this Court.

(2.) THE assessee-applicant owns a 'sarrafa' business and deals in gold and silver. His account showed the value of opening and closing stocks at a uniform fixed rate by adopting Rs. 50 per hundred tolas of silver and Rs. 70 for each hundred tolas (sic--each tola?) of gold. THE income-tax Officer found that this method of valuing the stocks was not proper and accordingly he valued the opening and closing stocks according to the market rates prevailing at the time.

(3.) RELATING to the other question of stock valuation and the applicability of the proviso to Section 13, I.T. Act, learned counsel for the applicant contends that though the Income-tax Officer found as a fact that the stocks had not been properly valued, they did not record a finding that the income, profits and gains of the assessee could not be properly deduced for that reason.