Valuation of stock should be as per regular method followed, not on estimation basis – ITAT

Brief of the Case:  ITAT Kolkata held In the case of Das Plaza vs. ITO that the closing stock has to be taken at the end of the year not in the middle of the year. If any addition has to be made that to be made only difference in the value as at the end of the year. If the value of the opening stock is lesser, the stock has to be valued as per the method valuation followed by the assessee.  Facts of the Case A survey u/s 133A was conducted on the assessee. During the course of the survey, stock to the extent of Rs.7, 17,217/- was found, which was undisclosed in the opinion of the revenue. Th...