VANDANA MINERALS, ELITE CHAURAHA LALITPUR Vs. COMMISSIONER

JUDGEMENT

(1.) Heard Sri Alok Kumar, learned counsel for the assessee and Sri B.K.Pandey, learned Standing Counsel for the State.

(2.) Though the revision had been admitted on 26.10.2007 without reference to any particular question law, the present revision has been heard today on the following question of law:

(3.) Admittedly, the present revision arises for the A.Y. 2003-04 under the U.P. Trade Tax Act, 1948 (hereinafter referred to as 'the Act'). Admitted facts of the case are that the assessee had earlier engaged in the business of granite stones etc. It regularly conducted business up to the A.Y. 2000-01. Thereafter, the business was discontinued leaving a closing stock of Rs. 6,93,800.00 of the granite stones valued at Rs. 31,66,496/-.