Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (2) TMI 504 - AT - Income TaxAddition on account of Value of Closing Stock AO added an amount under the head under valuation of closing stock weight of closing stock in the valuation report of valuer and closing stock on the date of survey differ Held that:- Assessee is a registered dealer of gold ornaments having TIN and duly filed the quarterly returns of VAT - VAT audit report was also obtained from the Chartered Accountant certifying the total turnover and stock, reflecting the gross weight of ornaments and net weight contents of gold in the ornaments as also the method of stock valuation VAT audit report was duly submitted with the sales tax authorities and no objection and/or adverse inference was drawn by Department. Further excess closing stock was incorrectly ascertained on the basis of figures as per the stock records in GS- 1 I and GS-12 which were not up to date in respect of all the entries as on the date of survey There was difference of 91.365 gms. in gross weight, this difference is considered to be quiet negligible - Addition made by the A.O. on account of excess stock deserves to be deleted because there was no excess stock and that the approved valuer has not correctly ascertained the net weight of gold ornaments valued by him Case of Prakash Motwani Vs. ITO [2009 (6) TMI 650 - ITAT AGRA] is relevant here Against the revenue.
|