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2015 (10) TMI 1872 - ITAT DELHI

2015 (10) TMI 1872 - ITAT DELHI - TMI - Valuation of closing stock - CIT(A) allowing of claim of the assessee as the part value of the opening stock of finished goods on 1.04.2002 - Held that:- The figure of the value of the opening stock of finished goods of last year is not disputed. There can be no dispute on the proposition that the value of closing stock of preceding year constitutes value of opening stock of the current year. Under no circumstances there can be any difference between the v .....

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justified in enhancing the value of opening stock of finished goods with ₹ 33.91 lac and thereby reducing the total income to this extent. We therefore, countenance the view taken by the ld. CIT(A) on this issue. - Decided against revenue. - I.T.A .No.4305/Del/2012 - Dated:- 8-7-2015 - SHRI R. S. SYAL AND SHRI A. T. VARKEY, JJ. For The Revenue : Sh. P. Dankanunjna , Sr. DR For The Assessee : Sh. Ravinder Aggarwal, CA. and Sh. Sandeep Sapra, Adv. ORDER PER R. S. SYAL, AM. This appeal by th .....

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at selling price less 40% as against the last year s method of valuing closing stock of finished goods at selling price less 10%. Last year s closing stock of finished goods was valued at ₹ 1,01,63,726/-. However, while drawing Trading account for the year in question, the assessee adopted reduced value of opening stock of finished goods at ₹ 67,72,849/-. The difference between the figure of last year s closing stock of finished goods and that taken as opening stock of finished good .....

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ished goods at ₹ 33,91,077/-should also be allowed as deduction by enhancing the figure of Opening stock to its full value in its Trading account. The Assessing Officer came to hold that such a claim could be entertained only by means of revised returned and in the absence of the assessee having furnished a revised return, this claim was not acceptable. 4. The assessee carried the matter in appeal before the ld. CIT(A), who relying on the judgment of Hon ble Supreme Court in the case of Go .....

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assessee. 5. In the second round of proceedings, the AO again followed his earlier view and did not allow deduction for the differential amount of the value of the opening stock of finished goods. The ld. CIT(A) accepted the assessee s claim, against which the Revenue has come up in appeal before us. 6. We have heard the rival submissions and perused the relevant material on record. It is noticed that the dispute in the instant appeal lies in a narrow compass. The short point is whether the ass .....

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