Fresh examination needed for difference in stock of plant and machinery as compared to previous year

Panchsheel Solvent Pvt. Ltd. Vs ACIT (ITAT Raipur)

ITAT Raipur held that change in method of depreciation can be reason for difference in closing stock of plant and machinery in previous year vis-à-vis opening stock in current year and the same needs further examination, hence matter restored back.

Facts- The assessee is a resident company, engaged in the business of manufacturing and trading of edible oil and rice bran oil. The case was selected for limited scrutiny. AO made certain additions on account of discrepancies pointed out in the assessment order

Please become a Premium member. If you are already a Premium member, login here to access the full content.