- (1.) We have heard Shri Shambhu Chopra, learned counsel appearing for the Income-tax Department. Shri R.R. Agarwal and Shri Suyash Agarwal appearing for the respondent-assessee. This income-tax appeal filed under section 260A of the Income-tax Act, 1961, arises from an order of the Income-tax Appellate Tribunal, Delhi Bench "C", New Delhi, dated August 31, 2008, in I.T.A. No. 409/Del/2002 (Assistant Commissioner of Income-tax (A), Najibabad, District Bijnor (UP) v. Dhampur Sugar Mills Ltd., Dhampur, District Bijnor (UP)) for the assessment year 1998-99.
(2.) On January 2, 2013, the appeal was admitted on substantial questions of law Nos. 2 to 7 framed in the memo of appeal. Our findings on these issues are discussed as follows:
(3.) Question No. 2 (2) Whether, on the facts and in the circumstances of the case, the Tribunal is justified in law in upholding the order of the Commissioner of Income-tax (Appeals) who allowed the relief of Rs. 16,21,58,151 out of the addition made for undervaluation of the closing stock?;