2023 (8) TMI 280

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nt : Shri D.Hema Bhupal (JCIT)- Ld. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2014-15 arises out of the order of learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 18-11-2022 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s. 143(3) of the Act on 1....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... rejecting the books of accounts and without pointing out any defects in the books of accounts. 5. The learned CIT(A) erred, in not considering the fact that the Assessing officer, while accepting the similar method of valuation of stock in the immediately previous assessment year, erred in rejecting the same in the subsequent assessment year, thereby deviating from the rule of consistenc....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.....197.29 Lacs which was computed as under:- Opening Stock Rs.2,15,72,950.93 Add: Purchases Rs.3,36,95,968.00   Rs.5,52,68,918.93 Less: Sales Rs.2,53,99,182.00 Less: Closing Stock Rs.1,01,40,007.00 Shortage of closing stock Rs.1,97,29,730.00 The assessee's claim that finished cloth was damaged due to heavy rain and flood in the month of December, 2013 was ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....x Audit. No infirmity has been pointed out by Ld. AO in the physical stock as maintained by the assessee. The assessee has valued the stock on the basis of net realizable value. The assessee's submissions were that there was damage to the stock due to heavy rains and floods. It could also be seen that the assessee is registered with commercial tax department and filing its sales tax returns. Appar....