CIT cannot disturb stock valuation method followed by Assessee consistently

M/s. Sree Alankar Vs PCIT (ITAT Cuttack)

In the instant case, we find that it is not in dispute that the assessee is consistently following the same method of valuation of closing stock which was also followed in the year under consideration. The profit was deduced in accordance with the method adopted by the assessee. Therefore, in our considered view, the Pr. Commissioner of Income Tax-1, Bhubaneswar was not justified in disturbing the consistent method of valuation.

FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-

Per N.S.Saini,

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