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ITAT dismissed the revenue's appeal and upheld the CIT(A)'s findings in favour of the assessee. The Tribunal accepted the assessee's consistent stock-valuation policy (NRV by ageing: current year 100%, one year 90%, two years 80%, older 50%) and noted the AO had earlier accepted similar treatment for another AY; valuation challenge lacked merit. A totalling omission of Rs.10,66,150 established in the survey records was allowed to the assessee. Consequently the Tribunal directed the AO to delete the addition relating to excess stock (net discrepancy
ITAT dismissed the revenue's appeal and upheld the CIT(A)'s findings in favour of the assessee. The Tribunal accepted the assessee's consistent stock-valuation policy (NRV by ageing: current year 100%, one year 90%, two years 80%, older 50%) and noted the AO had earlier accepted similar treatment for another AY; valuation challenge lacked merit. A totalling omission of Rs.10,66,150 established in the survey records was allowed to the assessee. Consequently the Tribunal directed the AO to delete the addition relating to excess stock (net discrepancy
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