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2014 (2) TMI 645 - AT - Income TaxDeletion made on account of shares not included in closing stock - Reduction of valuation of scripts - Held that:- The assessee has been dealing into the business of shares through two share brokers namely M/s Vogue Commercial Co. Ltd. and M/s Divya Portfolio Pvt. Ltd. as is apparent from assessment order - The CIT(A) while giving relief to the assessee has relied upon only copy of Demat A/c with M/.s Vogue Commercial Co. Ltd. and Demat account with other broker i.e. M/s Divya Portfolio Pvt. Ltd. does not find its mention in the order of CIT(A) - The Assessing Officer has clearly mentioned number and names of scripts which were in the Demat Account of the assessee and were not part of list of closing stock submitted by the assessee - in the list of shares of closing stock prepared on estimated basis and on actual basis there is significant difference between the valuation of certain scripts though the quantities in both lists remained same - valuation of certain scripts were reduced to accommodate the valuation of additional scripts found in the Demat Account of assessee - This aspect of lower valuation has not been examined by CIT(A) – thus, the matter remitted back to the CIT(A) who would require the assessee to file copy of Demat Account of assessee with M/s Divya Portfolio Pvt. Ltd. – Decided in favour of Revenue.
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