Ajoy Nath Ray, J. - (1.) This is an appeal under Section 260A of the Income-tax Act, 1961, from an order of the Tribunal dated April 5, 2002, passed in respect of the assessment year 1995-96.
(2.) The brief facts leading to the controversy in this case are as follows : Although the assessee was in business for quite some years past, yet it entered into the business of dealing in stocks and shares for the first time in the assessment year 1994-95 in respect of which the previous year ended on March 31, 1994.
(3.) For the assessment year 1994-95, the assessee had adopted the method of taking the cost of acquiring of stocks for the purpose of valuing the closing stock-in-trade of shares held by the assessee at the end of the year.;