Valuation of finished goods after following stock ageing effect justifiable

DCIT Vs Zari Silk (India) Pvt. Ltd. (ITAT Jaipur)

ITAT Jaipur held that valuation of finished goods at lower of cost or net realizable value after following stock ageing effect is justifiable as the same is already allowed by AO in earlier years. Accordingly, addition towards difference in valuation of stock due to ageing effect not sustainable.

Facts- The assessee is engaged in the business of Manufacturing & Trading of Sarees, Salwar Suites and Dress Materials. A survey u/s 133A of the Act was carried out on the business premises of the assessee on 26.

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