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2012 (8) TMI 772 - HC - Income TaxRevaluation of stock - non moving stock - deterioration in quality of the ink resulting in erosion of its value - Held that:- As accepted by both the authorities i.e. CIT (A) and the Tribunal the assessee's valuation of closing stock after having reduced the amount attributable to loss on account of slow moving/ non moving stock. It is not alleged that the finding of the authorities is perverse - as it is not disputed that the valuation of the closing stock has been taken as the valuation of the opening stock in the subsequent assessment year and also that the valuation of the inks gets depreciated due to passage of time as a consequence of deterioration of quality being evident of the Chemical Engineer to support its contention that value of some chemicals in stock had eroded and consequently they had to be revalued - ITAT was correct to delete the addition - in favour of assessee.
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