Addition on account of Valuation of stock not justified if Assessee consistently follows same valuation method

M/s. Mundra & Jain Marbles Vs DCIT (ITAT Jaipur)

Conclusion: Addition made in the income u/s 69B on account of failure of assessee to substantiate the excess stock found at his premises was not justified  as the excess stock came on account of sale price taken by Department and since inception of assessee-firm, it was valuing inventory on average cost method/weighted cost price which was verifiable from the statement of accounts appended to Return of Income thus, a method of accounting / Valuation adopted by the taxpayer cons

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