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Commissioner of Income Tax-VI Versus Triveni Engg And Industries Ltd.

Addition towards valuation of closing stock - ITAT deleted the addition accepting the plea of the Assessee that it has been consistently following "the method of valuation of closing stock of levy sugar at its two factories at the market rate and valuation of the closing stock of the free sale sugar and Deoband unit at cost price and that of the Ramkola unit at market price" - Held that:- The Court finds that the Assessee was under a compulsion to maintain separate books for the supply of levy s .....

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pted by the Assessee. The addition made by the AO was rightly deleted by the ITAT. The question is answered in the affirmative i.e. in favour of the Assessee - ITA No. 340/2002 - Dated:- 22-9-2015 - S Muralidhar And Vibhu Bakhru, JJ. For the Appellant : Mr. Kamal Sawhney, Senior Standing counsel with Mr. Raghvendra Singh, Junior Standing Counsel For the Respondent : Mr. Ajay Vohra, Senior Advocate with Ms. Kavita Jha and Mr. Vaibhav Kulkarni, Advs ORDER 1. This appeal by the Revenue under Sectio .....

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tock?" 3. The brief facts are that the Assessee which was formerly known as Gangeshwar Limited manufactures sugar at two of its units at Deoband and Ramkola in Uttar Pradesh. While finalising the assessment for the AY in question, the Assessing Officer ('AO') by his order dated 15th March 1993 enhanced the income of the Assessee by ₹ 59,55,764 by rejecting the method of valuation of the closing stock of sugar. 4. The Assessee explained that in terms of the prevailing statute i .....

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factories at Deoband and Ramkola. 5. The AO's reasoning was that with the commodity manufactured being the same sugar, there was no justification for adopting a different method for valuing the closing stock of such sugar depending on whether it was levy or free sale sugar. With the Commissioner of Income Tax (Appeals) ['CIT (A)'] agreeing with the AO, the Assessee went in appeal before the ITAT. 6. The ITAT has accepted the plea of the Assessee that it has been consistently followi .....

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