I.T.R. No.128 of 1997 (1) IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH I.T.R. No.128 of 1997 DATE OF DECISION: 13.8.2009 The Commissioner of Income-tax Jalandhar ..........Applicant Versus M/s Janta Co-operative Sugar Mills Ltd., Bhogpur ..........Respondent CORAM:- HON'BLE MR. JUSTICE ADARSH KUMAR GOEL HON'BLE MRS. JUSTICE DAYA CHAUDHARY Present:- Ms. Navender P.K. Singh, Advocate for the applicant. **** ADARSH KUMAR GOEL, J. (Oral) 1. The Income Tax Appellate Tribunal, Amritsar Bench, Amritsar has referred, in compliance of order of this Court dated 20.5.1997, following substantial question of law for opinion of this Court:- “Whether, on the facts and in the circumstances of the case, the ld. ITAT was right in law in deleting the addition of Rs. 12,31,658/- made by the Assessing Officer and upheld by Commissioner of Income-Tax (Appeals) on account of valuation of closing stock of sugar?” 2. The assessee is engaged in manufacturing of sugar. During the assessment, additions were made on the ground that from the accounts of the assessee, true income could not be determined. The basis for addition, inter alia, was difference in valuation of sugar. The CIT(A) upheld the additions. The Tribunal, however, reversed the view taken by the lower authorities and deleted the additions. It was observed that I.T.R. No.128 of 1997 (2) method of valuing closing stock adopted by the assessee was consistent for several years. There was also no reason not to accept the value of crystal sugar declared by the assessee. 3. We have heard learned counsel for the revenue and perused the orders. 4. Reference to the order of the Tribunal shows that finding for deleting the additions made by the Assessing Officer as upheld by the CIT (A) is based on appreciation of evidence. The finding is not shown to be perverse. The Tribunal being final authority on a question of fact, was justified in deleting the additions after appreciating evidence on record. 5. Accordingly, the question referred is answered against the revenue and in favour of the assessee. 6. The reference is disposed of. (ADARSH KUMAR GOEL) JUDGE August 13, 2009 (DAYA CHAUDHARY) pooja JUDGE Note:-Whether this case is to be referred to the Reporter .......Yes/No