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S.145A No Addition for stock valuation if exclusive method followed
Case Law Details
- Case Name
- DCIT Vs M/s Stone India Limited (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- All ITAT, ITAT Kolkata
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Deviation from stock valuation method prescribed in Sec 145A cannot lead to addition if exclusive method followed
Brief of the case:
The ITAT Kolkata in the case of M/s Stone India Limited held that VAT and CST even if not included in value of closing stock do not result in undervaluation of closing stock because of its corresponding non-inclusion in Opening Stock , Purchases and Sales. Therefore, addition made on the ground of non-inclusion in the value of closing stock cannot be sustained as the same does not result in any understatement of incomes and profits.
Facts of the...
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