Stock Write-Off Not Rejected: No Taxable Income Added as Officers Accept Assessee's Books in Exceptional Circumstances.

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....Disallowance of stock written off - Books of accounts of the assessee were not rejected by AO in the instant case. It is pertinent to note that no benefit has been derived by the assessee by this write off of stocks during the year under consideration. Due to exceptional circumstances that had prevailed during this year, the Directors of the assessee company had decided to write off the stocks that were more than two years old. - No additions - AT....