2010 (5) TMI 875

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.... K. Sharma (Judicial Member) This appeal filed by the assessee is against the order dated 07.12.2007 of Learned Commissioner of Income Tax(Appeals)-1, Surat confirming the addition of closing work-inprogress of ₹ 9,03,871/- for the assessment year 2004-05. 2. At the time of hearing before us, on behalf of assessee Shri R.N. Vepari, ld. counsel appeared and contended that the assessee is en....

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....ct of closing work-in-progress be deleted. 3. On the other hand, on behalf of Revenue Shri Sanjeev Kashyap appeared and could not controvert the aforesaid submissions made by the ld. counsel of the assessee. 4. After hearing both the sides, we have carefully gone through the orders of authorities below as well as the decision dated 24.03.2010 of ITAT, 'D' Bench, Ahmedabad (Camp at Surat) in ITA ....

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....by ICAI under the scope of valuation of inventories the work in progress arising in ordinary course of business of service providers has been scoped within such statement. We find that assessee has been following regular system of accountings since last so many years and such method was based on accepted principles of accounting, therefore, there was no justification for rejecting such method for ....