TMI Blog2015 (7) TMI 717X X X X Extracts X X X X X X X X Extracts X X X X ..... rk in progress - Held that:- It is not disputed by Revenue that in A.Y. 2005-06 the assessee was allowed to treat the closing stock of earlier year as opening stock of next year. It is well settled that the closing stock of earlier becomes the opening stock of succeeding year. In this view of matter, and examining all aspects it would be in the interest of justice if the assessing officer is directed to allow the closing stock of last year as the opening stock of current year. We accordingly, hereby direct the assessing officer to allow the closing stock of last year as the opening stock of current year. - Decided in favour of assessee for statistical purpose. - I.T.A. No 976/Ahd/2010 - - - Dated:- 31-8-2012 - Shri A.K. Garodia and Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee carried the matter before the Ld. CIT(Appeals) who after considering the submissions of the assessee affirmed the disallowance. Against this assessee is in appeal before this Tribunal. Ld. Counsel for the assessee submitted that the AO as well CIT(A) have relied upon the judgment of the Hon ble High Court of Gujrat rendered in the case of Dhall Enterprises Engineering Pvt. Ltd. Vs. CIT 295 ITR 481. He contented this issue stands covered by the judgment of the Hon ble Supreme Court rendered in the case of T.R.F Ltd Vs. Commissioner of Income Tax (2010) 323 ITR 397. On the contrary, Ld. Sr. DR relied on the orders of authorities below. 5. We have heard the rival contentions perused material available on record and have gone throug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ders of the authorities below. 7. We have the rival submissions and perused the material available on records. It is not disputed by Revenue that in A.Y. 2005-06 the assessee was allowed to treat the closing stock of earlier year as opening stock of next year. It is well settled that the closing stock of earlier becomes the opening stock of succeeding year. In this view of matter, and examining all aspects it would be in the interest of justice if the assessing officer is directed to allow the closing stock of last year as the opening stock of current year. We accordingly, hereby direct the assessing officer to allow the closing stock of last year as the opening stock of current year. This ground of appeal is allowed for statistical purp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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