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2014 (5) TMI 148 - HC - Income TaxDeletion of disallowance of provision for obsolete stock – Compliance of the method of valuation u/s 145A of the Act - Held that:- The Tribunal was rightly of the view that the assessee is continuously following the policy of valuation of closing stock on the basis of net realizable value which is in accordance with accounting principle - there is no deviation from the method of valuation prescribed u/s145A - the dispute is intensely factual - The Tribunal was guided by the tax auditor’s report which indicated that a reasonable method was adopted for treatment of the obsolete stock - The Tribunal’s view is not only plausible but a reasonable one - The assessee has been found to have followed the accounting standard – thus, no substantial question of law arises for consideration – Decided against Revenue.
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