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Addition not sustained as non-accounting of expired stock doesn’t impact profitability
Case Law Details
- Case Name
- Abhinav Malik Vs ITO (ITAT Chandigarh)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Chandigarh
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Abhinav Malik Vs ITO (ITAT Chandigarh)
ITAT Chandigarh held that mere non-accounting of the expired stock as part of the opening stock wouldn’t have any impact on the profitability. Accordingly, addition thereof is liable to be deleted.
Facts- During the course of assessment proceedings, the AO observed that the assessee has shown opening stock of Rs.6,16,750/- for F.Y. 2011-12 whereas, the closing stock for F.Y. 2010-11 has been shown at Rs.61,26,900/- and therefore, a difference of Rs.55,10,150/- in the opening stock for the year under consideration as compared to the closing stock for...
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