Valuation of closing stock of finished goods at realizable value/sale price not amounts to understatement of closing stock

Issue before Tribunal:

• Whether CIT(A) erred in law in deleting the addition of Rs. 4,93,319/- made by the A.O. on account of finished goods elaborately explained in the assessment order by taking the value as shown in the bills by the assessee.
• Whether CIT(A) erred in law in deleting the addition of Rs. 2,94,300/- by ignoring the fact that the assessee did not taken this plea at the time of assessment proceedings.
• Whether CIT(A) erred in law in deleting the additions of Rs. 6,32,250/- by ignoring the fact that the assessee has valued semi-finished goods as the raw material.

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