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2013 (8) TMI 666 - AT - Income TaxValuation of closing stock - The Hon'ble ITAT set aside the order of Ld CIT(A) with the directions to the assessee to submit the required information so as to arrive at the correct valuation of stock. However, the assessee did not file the required information. Therefore, the Assessing Officer made fresh assessment on the basis of earlier addition which was earlier made by the Assessing Officer by adopting GP rate - ITAT has held that at best the valuation could have been made by the Assessing Officer at Rs.1,29,28,299/- and not more than it as the method of valuation adopted by the assessee was cost or market price whichever is lower - CIT(A) has done the same and has taken this valuation to arrive at the disallowance. The Ld CIT(A) while taking this figure has ignored the discount of Rs.15,42,378/- as claimed by assessee in original assessment proceedings – Held that:- Had the assessee furnished break up of age- wise stock, the disallowance would have been less than this figure or at the most equal to Rs.15,42,378/- as Ld CIT(A) has taken full cost price of stock as on 31.3.1996 which was also the observation of ITAT. – No infirmity in the order of CIT(A) – Decided against the Revenue.
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