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

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....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....