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2013 (9) TMI 1066 - AT - Income TaxAddition on account of valuation of closing stock - rejection of books of account - CIT(A) deleted the addition - Held that:- On the basis of the doctrine of consistency in relation to method of valuation of inventory as also the decision of the jurisdictional High Court in assessee's own case, she recorded findings in favour of the assessee. Having regard to the fact-situation of the case, decision of the Hon'ble jurisdictional High Court, relied upon by the ld. CIT(A), and the relevance of consistency principle in the matter, we do not find any infirmity, in the findings of the CIT(A), and hence, the same are upheld. Addition to credit n capital account - Held that:- The assessee has filed the confirmation of M/s Good Faith Cement Pvt. Ltd. at page 12 of the Paper Book alongwith the copy of the cheque issued by the said authority and the bank statement in which such cheque had been deposited. The explanation of the assessee was not accepted as the letter issued by the Assessing Officer under section 133 (6) of the Act was received back undelivered. In the totality of the facts and circumstances of the case and following the principle of natural justice, we deem it fit to restore this issue back to the file of Assessing Officer to redecide the same denovo after affording reasonable opportunity of hearing to the assessee. The assessee has to discharge the onus cast upon him and furnish the requisite information before the Assessing Officer.
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