Valuation of closing stock of finished goods at realizable value/sale price not amounts to understatement of closing stock

Issue before Tribunal: Whether CIT(A) erred in law in deleting the addition of Rs. 4,93,319/- made by the A.O. on account of finished goods elaborately explained in the assessment order by taking the value as shown in the bills by the assessee. Whether CIT(A) erred in law in deleting the addition of Rs. 2,94,300/- by ignoring the fact that the assessee did not taken this plea at the time of assessment proceedings. Whether CIT(A) erred in law in deleting the additions of Rs. 6,32,250/- by ignoring the fact that the assessee has valued semi-finished goods as the raw material. Brief Facts: Ass...