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2016 (3) TMI 1293 - AT - Income TaxRevision u/s 263 - valuation of Tools and Tackles - method of valuation of closing stock of Tools and Tackles - Held that:- A query on the issue of valuation of closing stock of Tools and Tackles was specifically raised by the assessee during the course of assessment proceedings and after having satisfied with the explanation offered by the assessee, the valuation of closing stock of Tools and Tackles as shown by the assessee was accepted by the Assessing Officer. CIT, D.R. has not been able to controvert or rebut this position which is clearly evident from the record. Having regard to al l these facts and circumstances of the case, we are of the view that there was no error in the order of the Assessing Officer passed under section 143(3) as alleged by the ld. CIT calling for revision under section 263. - Decided in favour of assessee
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