DULLA MALLICK Vs. ABDUL MALLICK

JUDGEMENT

(1.) Itr No.7 of 2000

(2.) The applicant/assessee wanted the following questions arising out of the order of the Income Tax Appellate Tribunal (hereinafter 'the tribunal') dated 27th March, 1998 in ITA 2362 (Cal) of 1995 in the assessment year 1990- 91 to be answered by this Court.

(3.) Whether on the facts and in the circumstances of the case and in view of the finding of the Tribunal that all the assessee during the relevant accounting period constituted its stock-in-hand, the Tribunal was justified in law in holding that the assessee claim in the Income Tax Return the valuation of its closing stock of shares & securities on the basis of the cost or market price whichever is lower and the profit & loss, if any, is to be computed on the basis of cost and not on the basis of valuation of the closing stock the cost of market price whichever is lower?"