No addition if no change in Stock Valuation method despite valuation at average cost

ACIT Vs Smt. Shobhakaver Surana (ITAT Chennai)

It could very well be seen that the assessee is a trading concern. It has maintained category-wise stock details which has been valued at average cost. The assessee is subjected to Tax Audit which contain quantitative details and well valuation of stock under each category. There is no evidence on record that the aforesaid method of valuation has been changed by the assessee during the year. No difference in quantity has been found by Ld. AO. Therefore, the addition has rightly been deleted in the impugned

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