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2021 (1) TMI 889 - HC - Income TaxDisallowance on account of advances written off - Tribunal confirming the decision of CIT(A) deleting the disallowance - HELD THAT:- Addition on account of advances written off indisputably an amount of advance was given in the ordinary course of business to persons like fishermen etc. for the procurement of raw material and labour work. No error in the decision of ld. CIT(A) in allowing the claim of advances written off to the which were given in the ordinary course of business by the assessee. Accordingly, we do not find any merit in the appeal of the revenue Disallowance on account of claim loss of stock by obsolescence - no quantitative details in respect of obsolescent stock was available with the assessee - Tribunal confirming the decision of CIT(A) deleting the disallowance - HELD THAT:- It is brought to our notice that assessee has been consistently followed accounting Standard2 for valuation of closing of stock at cost or net realizable value whichever is lower in accordance with the accounting standard referred in section 211(3E) of the Company Act, 1956. The detail of absolescene of stock along with detailed working were submitted before the assessing officer and CIT(A) at the time of hearing. The company has valued the stock at net realizable value on the basis of evidence available on the date of signing of the accounts and the actual price was taken for computing the net realizable sale value - In view of the aforesaid findings of fact recorded by the Tribunal, we see no good reason to entertain this appeal.
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