ITA No.822 of 2008 1 IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH. Date of Decision:-13.1.2009 Roxy Industrial Corporation. ---Appellant Versus Commissioner of Income-Tax (Central), Ludhiana. ---Respondent CORAM:- HON'BLE MR.JUSTICE J.S.KHEHAR HON'BLE MR.JUSTICE NAWAB SINGH Present:- Mr.Pankaj Jain, Advocate for the appellant. J.S.KHEHAR, J.(ORAL) Through the instant appeal, the appellant has impugned the order passed by the Income Tax Appellate Tribunal dated 14.11.2007 (Annexure A3). The order passed by the Income Tax Appellate Tribunal dated 14.11.2007 is based on the decision rendered by the Apex Court in C.I.T. Versus British Paints India Limited, 188 ITR 44 wherein it has been laid down that a discretion is vested with the assessee to determine, the value of the stock, either on the basis of the actual costs thereof or at the market value thereof, with a further discretion to calculate the value of stock on the basis of the chosen option. By exercising the above option, the assessee has the right to choose the method by which two stocks are assessed at the lower value. In so far as the assessment of the cost at market value is concerned, the same can be adopted to show lower value of the stock in hand if the market value of such stock is shown to have drastically fallen. Since in so far as the present controversy is concerned, it is not the case of the appellant ITA No.822 of 2008 2 that the market value of the stock in question had drastically fallen, there was no option at the hands of the assessee except to depict the market value of the stock on the basis of valuation of stock in trade at cost. Rather than adopting the sole option, which was available to the assessee, the assessee alleged that he had sold the stock as scrap/junk and had assessed the value thereof at the price realized by selling the stock as scrap/junk. This option was clearly not open to the assessee in terms of the decision rendered by the Apex Court in the case of British Paints India Limited's (supra). In view of the above, we find no merit in the instant appeal and the same is dismissed. (J.S.Khehar) Judge (Nawab Singh) 13.1.2009 Judge AS