TaxTMI 
TaxTMI 
2021 (6) TMI 54
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....is appeal in ITA No.5170/Mum/2019 for A.Y.2012-13 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-10, Mumbai in appeal No.CIT(A)-10, Mumbai/10671/2015-16 dated 31/05/2019 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 13/03/2015 by the ld. Dy. Commissioner of Income Tax-5(1)(2), Mumb....
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....as shown re-valuation of stock amounting to Rs. 32,42,105/-. The explanation given by the assessee with regard to the same was not found satisfactory by the ld. AO and accordingly, the sum of Rs. 32,42,105/- was sought to be added by the ld. AO in the assessment on account of re-valuation of stock. We find that assessee company has valued its closing stock of raw materials and finished goods at th....
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....llowance on account of stock in A.Y.2014-15. We find that assessee has been consistently following the same method of accounting for valuation of inventories in earlier as well as subsequent years. We find that the lower authorities had grossly erred in not understanding the accounting practice followed by the assessee for valuation of inventories which is normally accepting accounting practice pr....