Law:

Section:

Section 145, read with section 256, of the Income-tax Act, 1961 - Method of accounting - Valuation of stock - Whether questions as to whether Tribunal was right in holding that an ad hoc method of accounting was one of recognised methods of valuing closing stock under principles of accountancy, and, whether it was right in deleting additions made on account of undervaluation of closing stock of gold and silver were referable questions of law - Held, yes FACTS The Tribunal held that an ad hoc method of accounting was one of the recognised methods of valuing closing stock under the principles of accountancy. It accordingly, confirmed the order of the Commissioner (Appeals) deleting the additions made by the Assessing Officer on account of undervaluation of closing stock of gold and silver. On Application under section 256(2): HELD Questions as to whether the Tribunal was right in holding that an ad hoc method of accounting was one of the recognized methods of valuing closing stock under the principles of accountancy and whether, the Tribunal was right in law in confirming the order of the Commissioner (Appeals) deleting the additions made by the IAC (Appeals) on account of undervaluation of closing stock of gold and silver…

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