https://www.taxtmi.com/caselaws?id=219643 The ITAT upheld the ld. CIT(A)'s decision to delete the addition made by the Assessing Officer regarding the undervaluation of closing stock. The ITAT found that the ld. CIT(A) appropriately considered the remand report and the valuation explanations provided by the assessee, noting that the rates from Krishi Utpadan Mandi Samiti were not universally applicable. The Assessing Officer's reliance on these rates, especially concerning rice bran, lacked factual basis and scientific rationale. Consequently, the ITAT dismissed the Revenue's appeal and confirmed the deletion of the addition related to the undervaluation of closing stock. en-us Mon, 02 Jul 2012 00:00:00 +0530 Tue, 18 Dec 2012 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219643 The ITAT upheld the ld. CIT(A)'s decision to delete the addition made by the Assessing Officer regarding the undervaluation of closing stock. The ITAT found that the ld. CIT(A) appropriately considered the remand report and the valuation explanations provided by the assessee, noting that the rates from Krishi Utpadan Mandi Samiti were not universally applicable. The Assessing Officer's reliance on these rates, especially concerning rice bran, lacked factual basis and scientific rationale. Consequently, the ITAT dismissed the Revenue's appeal and confirmed the deletion of the addition related to the undervaluation of closing stock. Case-Laws Income Tax Mon, 02 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219643