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of <h1>Tribunal upholds CIT(A) decision on stock valuation & expenses, Revenue appeal dismissed.</h1> <h3>DCIT., Kolkata Versus Shri Amar Nath Banerjee</h3> DCIT., Kolkata Versus Shri Amar Nath Banerjee - TMI Issues:1. Valuation of Stock2. Deletion of Transportation Charges3. Deletion of Sundry Creditors AdditionValuation of Stock:The appeal was filed by the Revenue challenging the valuation of stock by the Ld. CIT(A) for the assessment year 2006-2007. The AO calculated the closing stock value at Rs.14,78,334/-, while the assessee showed it as Rs.8,16,648/-. The CIT(A) reduced the valuation to Rs.8,33,413/- after considering various arguments and evidence. The Tribunal found no fault with the CIT(A)'s decision, as the Revenue failed to provide any evidence to dispute the valuation. Therefore, the Tribunal confirmed the CIT(A)'s order and dismissed the Revenue's appeal on this ground.Deletion of Transportation Charges:The Revenue disputed the deletion of transportation charges amounting to Rs.17,92,764/-. The AO disallowed this amount based on discrepancies in transport charges claimed by the assessee. However, the CIT(A) found no discrepancies after examining the ledger accounts and bills provided by the assessee. The Tribunal noted that the Revenue failed to present any evidence to challenge the CIT(A)'s findings. Consequently, the Tribunal upheld the CIT(A)'s decision and dismissed the Revenue's appeal regarding the transportation charges.Deletion of Sundry Creditors Addition:The AO added Rs.9,59,909/- on account of sundry creditors based on discrepancies in amounts payable and receivable from M/s. Mahesh Road Carriers. The CIT(A, after reviewing the submissions and evidence, deleted this addition as the assessee's contentions were found to be correct. The Tribunal observed that the Revenue could not prove any inaccuracies in the CIT(A)'s findings. Therefore, the Tribunal confirmed the CIT(A)'s decision to delete the addition of Rs.9,59,909/-. As a result, the appeal filed by the Revenue was dismissed in its entirety.
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