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2015 (9) TMI 804 - HC - Income TaxAddition being direct expenses added to the value of closing stock on estimate basis by the A.O. u/s 145A - CIT(A)deleted the addition - Held that:- We find that the CIT(A) has rendered a finding of fact in the subject assessment year that the valuation of closing stock includes direct expenses such as freight charges incurred on them and are duly supported by the material receipt vouchers. This finding of fact was upheld by the Tribunal by also relying upon it's own order dated 13 January 2011 for the earlier Assessment Year. The reliance placed by the revenue on the observations made in the audit report as reflected in the order of the Assessing Officer would not govern the field, where the CIT(A) and the Tribunal had rendered a finding of fact that direct expenses on account of freight charges, etc. incurred on the closing stock had been added to arrive at valuation of closing stock and are also duly supported by material receipt vouchers. In view of the fact that two authorities have reached a concurrent finding of fact on examination of material receipt vouchers, we see no substantial question of law arising for our consideration - Decided against revenue.
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