TMI Blog2021 (1) TMI 889X X X X Extracts X X X X X X X X Extracts X X X X ..... stock by obsolescence - no quantitative details in respect of obsolescent stock was available with the assessee - Tribunal confirming the decision of CIT(A) deleting the disallowance - HELD THAT:- It is brought to our notice that assessee has been consistently followed accounting Standard 2 for valuation of closing of stock at cost or net realizable value whichever is lower in accordance with the accounting standard referred in section 211(3E) of the Company Act, 1956. The detail of absolescene of stock along with detailed working were submitted before the assessing officer and CIT(A) at the time of hearing. The company has valued the stock at net realizable value on the basis of evidence available on the date of signing of the accounts a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earned Senior Standing Counsel appearing for the revenue. 4. With respect to the first question, as proposed by the revenue, the finding of fact recorded by the Tribunal reads as under : para 6: We have heard the rival contentions and perused the material on record. During the course of appellate proceedings before us, the ld. Counsel has submitted details of information and copies of documents before the assessing officer and CIT(A) at the time of hearing of this case. After considering the decision of Hon'ble Supreme Court in the case of TRF Ltd. Vs. CIT Civil Appeal No. 5293 of 2003 dated 9th Feb, 2010, it is not necessary for the assessee to establish that the debt in fact has become irrevocable. Therefore, considering the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17,75,489/ on account of advances written off is concerned, indisputably an amount of advance of ₹ 7,74,084/ was given in the ordinary course of business to persons like fishermen etc. for the procurement of raw material and labour work. 5. So far as the second question, as proposed by the revenue, the finding of fact recorded by the Tribunal reads as under : para 10: We have heard rival contentions and perused the material on record. The assessing officer has disallowed the claim of loss on account of absolescene of stock of fish to the amount of ₹ 3,88,28,010/ stating that valuation shown by the assessee on the basis of stock or net realizing value cannot be accepted on the basis of evidence available on local sale ..... X X X X Extracts X X X X X X X X Extracts X X X X
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