Closing Stock Cannot Be Valued at Nil Because Suspension Is Not Seizure

Srinivasulu Metri Vs DCIT (ITAT Bangalore) Suspension Is Not Seizure — Bangalore ITAT Holds Closing Stock Cannot Be Taken at Nil; Matter Remanded for Fresh Valuation The Bangalore ITAT (A Bench) allowed the Assessee’s appeal for statistical purposes and remitted the issue back to the AO, holding that mere suspension of mining activity does not amount to seizure or confiscation of stock, and therefore closing stock could not be valued at NIL. The Assessee, engaged in mining, claimed loss of closing stock of ₹1.32 crore on the ground that iron ore stock was seized/impounded following suspe...