2015 (10) TMI 1417

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..... ORDER Per Chandra Mohan Garg, Judicial Member This appeal by the revenue has been directed against the order of the CIT(A)-XII, New Delhi dated 29.1.2013 in Appeal No. 353/11-12 for AY 2008- 09. The sole ground raised by the revenue reads as under:- "1. The ld. CIT(A) erred in law and on facts in deleting the addition of Rs. 1,05,78,032/- under the head "inventory written off". 2. We have h....

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....l contentions. The figures set out in the chart in Annexure G have been culled, according to the counsel for the assessee, from the accounts themselves and therefore deserve a look. There is no dispute that the principle "cost or net realizable value, whichever is lower" is an accepted method of valuation of inventory. There is also no dispute that AS-2 issued by the Institute of Chartered Account....

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....ect to the remit order passed by us." 3. On careful perusal of the impugned order of the CIT(A) in the present appeal, we clearly observe that the CIT(A) has also followed order of Hon'ble High Court and has directed the assessee to verify the percentage of inventory written off as claimed by the assessee. In this situation and under above noted facts and circumstances, we are inclined to hold th....