2014 (5) TMI 618

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.... Per Vikas Awasthy, Judicial Member The appeal has been filed by the Revenue assailing the order of the Commissioner of Income Tax (Appeals)-IX, Chennai, dated 29.01.2013 relevant to the assessment year 2009-2010. 2. The assessee is a trader in iron and steel goods. The assessee filed its return for assessment year 2009-2010 on 25.09.2009 declaring its total income as D99,72,460/-. The cas....

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....method of valuing closing stock whereas, in form 3CD report, the stock has been valued at the cost or market price whichever is less and before the Assessing Officer the assessee had claimed that the value of closing stock is based on FIFO method. Thus the assessee has been taking inconsistent stand for valuation of stock before different authorities. The learned departmental representative (DR) p....

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....he appeal of the Revenue. 5. Both sides heard. Orders of the lower authorities perused. We find that similar issue with regard to valuation of closing stock had came up before the Tribunal in the case of assessee for assessment year 2008-09. The Commissioner of Income Tax (Appeals) had followed the order of Tribunal in assessee's own case for assessment year 2008-09 and allowed the appeal of th....