Assessee's Claim Approved: Stock Deterioration Over 4.5 Years Justifies Loss; No Stock Statement Submitted to Bank.

Assessee's Claim Approved: Stock Deterioration Over 4.5 Years Justifies Loss; No Stock Statement Submitted to Bank. https://www.taxtmi.com/highlights?id=49923 Addition on account of loss of sales of stock - assessee did not submit any stock statement and the bank considered the stock of the company as Nil - The expert has given his exhaustive report and concluded that stocks after 4 1/2 years will deteriorate and will hardly have any value. - CIT(A) has rightly allowed the claim of the assessee en-us Sat, 26 Oct 2019 11:06:59 +0530 Sat, 26 Oct 2019 11:06:59 +0530 TaxTMI RSS Generator Assessee's Claim Approved: Stock Deterioration Over 4.5 Years Justifies Loss; No Stock Statement Submitted to Bank. https://www.taxtmi.com/highlights?id=49923 Addition on account of loss of sales of stock - assessee did not submit any stock statement and the bank considered the stock of the company as Nil - The expert has given his exhaustive report and concluded that stocks after 4 1/2 years will deteriorate and will hardly have any value. - CIT(A) has rightly allowed the claim of the assessee Highlights Income Tax Sat, 26 Oct 2019 11:06:59 +0530 https://www.taxtmi.com/highlights?id=49923