TaxTMI 
TaxTMI 
2017 (11) TMI 462
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.... Pathak with Ms. Ishita Rawat JUDGMENT 1. By way of this appeal, the appellant has assailed the judgment and order of the tribunal whereby tribunal has partly allowed the appeal of the department and cross objections of the assessee was dismissed. 2. This court while admitting the appeal on 15.9.2016 framed following substantial question of law:- "Whether in the facts and circumstances of the....
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....ive stock and could not justify its valuation at reduced rate. The AO further made addition of Rs. 42,36,130/- on account of disallowance of commission and Dalai. 4. Counsel for the appellant has taken us to the order of AO wherein it has been observed as under:- "I have carefully considered the reply of the assessee but found it is to be not convincing. During the course of Assessment proceedi....
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.... any stock as defective. Moreover there was no defective stock which was maintained in the books of accounts. Therefore it is clear that reduction of the value of closing stock in the shadow of the defective is only adopted with the intention to reduce the tax liability. It is admitted fact that quantity and valuation of the different items of the closing stock have been maintained, as stated a....
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....the CIT(A) and contended that CIT(A) has rightly observed as under:- "It was further held that the method of valuation of closing stock consistently and regularly adopted by the assessee since last so many years could not be rejected merely on the view of the AO that the assessee should have adopted a different methods unless the method followed by the assessee was found to be incorrect and unsu....