https://www.taxtmi.com/caselaws?id=247549 The tribunal upheld the Ld CIT(A)'s decision to delete the addition of Rs. 30,45,000 for provision of diminution in the value of stock. It found that the assessee consistently valued stocks at cost price or net realizable value, in line with its accounting policy. The tribunal determined that the valuation method used was appropriate, considering the deduction for damaged/unusable stock. As a result, the tribunal dismissed the revenue's appeal, affirming the Ld CIT(A)'s decision on the provision for diminution in stock value. en-us Tue, 29 Apr 2014 00:00:00 +0530 Thu, 15 May 2014 08:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247549 The tribunal upheld the Ld CIT(A)'s decision to delete the addition of Rs. 30,45,000 for provision of diminution in the value of stock. It found that the assessee consistently valued stocks at cost price or net realizable value, in line with its accounting policy. The tribunal determined that the valuation method used was appropriate, considering the deduction for damaged/unusable stock. As a result, the tribunal dismissed the revenue's appeal, affirming the Ld CIT(A)'s decision on the provision for diminution in stock value. Case-Laws Income Tax Tue, 29 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247549