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Dy. Commissioner of Income Tax Versus Suzuki Motorcycle (India) Pvt Ltd

2015 (10) TMI 1417 - ITAT DELHI

Addition under the head "inventory written off" - CIT(A) deleted the addition - Held that:- High Court of Delhi in assessee’s own case i.e. Suzuki Motorcycle (India) Pvt. Ltd. vs CIT (2013 (1) TMI 67 - DELHI HIGH COURT) and submitted that similar kin .....

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n on this limited issue for limited purpose have been remitted to the AO for verification - We clearly observe that the CIT(A) has also followed order of Hon’ble High Court and has directed the assessee to verify the percentage of inventory written o .....

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Debashree Rao, CA & Shri Anshul Sachar, Adv. ORDER Per Chandra Mohan Garg, Judicial Member This appeal by the revenue has been directed against the order of the CIT(A)-XII, New Delhi dated 29.1.2013 in Appeal No. 353/11-12 for AY 2008- 09. The so .....

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refully perused the relevant material placed on record. Ld. Senior counsel for the assessee submitted a copy of the order of Hon ble High Court of Delhi in assessee s own case i.e. Suzuki Motorcycle (India) Pvt. Ltd. vs CIT 357 ITR 250 (Del) and subm .....

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igures for verification on this limited issue for limited purpose have been remitted to the AO for verification. The relevant operative part of the order of the Hon ble High Court (supra) reads as under:- "8. We have carefully considered the fac .....

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net realizable value, whichever is lower" is an accepted method of valuation of inventory. There is also no dispute that AS-2 issued by the Institute of Chartered Accountants of India are binding on both the assessee as well as the tax authoriti .....

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arrived at the write off factor. These figures have to be verified by the Assessing officer. While therefore holding that the Tribunal was not right in accepting the revenue's contention in principle, we direct the assessing officer to verify the .....

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