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2021 (2) TMI 343 - ITAT DELHIValuation of closing stock - disallowance of forward losses basing on the closing stock for the assessment year 2013-14, which would be the opening stock for the assessment year 2014-15 - HELD THAT:- DR does not dispute the acceptability of the principal in accordance with which the Ld. AR seeks relief in this matter. The closing stock of the previous year has to be treated as the opening stock of the current year and there cannot be any quarrel to it. Because the assessee is playing this direction/clarification in order to get the matter stated under the Vivad-se-Vishwas Scheme, in the absence of any dispute as to the principle involved in this, we are of the considered opinion that there is no harm in issuing such clarification and we accordingly direct the authorities to treat the closing stock of the assessment year 2013-14 as the opening stock for the assessment year 2014-15. We accordingly clarify that the authorities may treat the closing stock of the Assessment Year 2013-14 as the opening stock for the assessment year 2014-15. With this observation we dispose of this appeal.
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