Case Law Details
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 order.
FULL TEXT OF THE ORDER OF ITAT CHENNAI
1. Aforesaid appeal by Revenue for Assessment Year (AY) 2012-13 arises out of the order of learned Commissioner of Income Tax (Appeals)-10, Chennai [CIT(A)] dated 10-03-2020 in the matter of assessment framed by Ld. Assessing Officer [AO] u/s. 143(3) on 27- 02-2015. The grounds taken by the Revenue are as under:
1. The CIT-A (10) has erred in deleting the addition made that there is no justification on the part of the A.O for making an addition on account of difference in value of closing stock of Rs.2,30,64,097/-.
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