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2015 (6) TMI 712 - AT - Income TaxDifference in valuation of closing stock - CIT(A) deleted addition - Revenue argued that the assessee company had not shown any finished or sorted material in the return of income - Held that:- The assessee has placed a paper book containing its audited annual accounts, taxaudit report, certified valuation of stock by expert Lab Technician, invoices for the purchase of raw materials @ ₹ 275/- per MT. Page 32 of the paper book describes sorting of manganese ore in four different rate-wise categories. The assessee has also placed on record all details of raw and sorted material at page 34 of the paper book with all due certificates. There is also due matching of the quantity of the manganese ore before and after being sorted out. The Revenue fails to dispute contents thereof. We draw support from the above said record and hold that the assessee has placed overwhelming material in support of its claim of sorting of the raw material quality wise and valuing the same at cost or market price. We uphold the CIT(A)’s findings in these circumstances and reject the Revenue’s ground. - Decided in favour of assessee.
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