TMI Blog2013 (12) TMI 162X X X X Extracts X X X X X X X X Extracts X X X X ..... sing stock - The assessee retains stock of spares for 15 days - The CIT(A) valued the stock not for 30 days but for 15 days - The valuation accepted by the Commissioner of Income Tax (Appeals) is correct - Decided in facour of Revenue. - IT Appeal No. 116 of 2004 - - - Dated:- 22-5-2013 - Hemant Gupta AND Ms. Ritu Bahri, JJ. For the Appellant : Rajesh Katoch. For the Respondent : Aksh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year. However, in appeal, the Commissioner of Income Tax (Appeals) held that the basis adopted by the Assessing Officer for making the addition is justified but the addition need to be reduced to the stock of 15 days instead of one month and thus, the addition was ordered to remain at 50% of Rs.9,04,632/-. However, in further appeal, the learned Income Tax Appellate Tribunal relied upon its earli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee has admitted that it retains stock of spares for 15 days and, therefore, the order of the Assessing Officer to make additions in respect of stock of spares for 30 days is just reasonable. In any case, the addition made by the Commissioner of Income Tax (Appeals) is in reliance of the reply submitted by the assessee, therefore, the Tribunal has erred in law in relying upon the order passed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is not required to be valued in the closing stock. Though the Assessing Officer has taken into consideration 30 days of stock but the learned Commissioner of Income Tax (Appeals) has taken the valuation of stock for 15 days as the value of the closing stock. 7. The order passed by this Court in Rockman Cycle Ind. Ltd.'s case (supra), is only to the effect that the revenue is unable to show any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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