RADHAGOBINDO ROY & CO.,CUTTACK vs. ACIT, CIRCLE-2(1), CUTTACK
In the result, appeal of the assessee is allowed
ITA 232/CTK/2016[2011-12]Status: DisposedITAT Cuttack18 Oct 2022AY 2011-12
Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaassessment Year : 2011-12 Radhagobindo Roy & Co., Radhagobindo Roy & Co., Vs. Acit, Circle Acit, Circle-2(1), Cuttack Nimchouri, Cuttack Nimchouri, Cuttack-753002 Pan/Gir No. Pan/Gir No.Aabfr 6111 N (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri M.K.Sheth M.K.Sheth, Ar Revenue By : Shri S.C.Mohanty, S.C.Mohanty, Dr Date Of Hearing : 18 /10 10/2022 Date Of Pronouncement : 18/10 10/2022 O R D E R Per Bench This Is An Appeal Filed By The Assessee Against The Order Of The Ld This Is An Appeal Filed By The Assessee Against The Order Of The Ld This Is An Appeal Filed By The Assessee Against The Order Of The Ld Cit(A), Cuttack, , Cuttack, Dated 31.5.2016 In Appeal No.639/2013 639/2013-14 For The Assessment Year Assessment Year 2011-12. 2. Shri M.K.Sheth, Ld Shri M.K.Sheth, Ld Ar Appeared For The Assessee & Shri Ar Appeared For The Assessee & Shri S.C.Mohanty, Ld Sr Dr Appeared For The Revenue. S.C.Mohanty, Ld Sr Dr Appeared For The Revenue.
For Appellant: Shri M.K.ShethFor Respondent: Shri S.C.Mohanty
…order page 4 para 4.2 to submit that the Assessing Officer has given valid reasons for rejecting the LIFO method for valuation of closing stock. He further placed reliance on the decision of Hon’ble Supreme Court in the case of C.K. Gangadharan vs CIT (2008) 304 ITR 61 (SC) and also in the case of BSNL, 282 ITR 272 (SC) to submit that the principles of res-judicata will not apply to income tax proceedings. He vehemently supported the order of the AO and ld CIT(A). 6. We have considered the rival submissions. At the outset, in regard to the issue of principles of res-judicata, we observe that the same has already…
