9911796707
TMI Blog2013 (12) TMI 553X X X X Extracts X X X X X X X X Extracts X X X X ..... , change in brand name or difference in quantities etc - Details and particulars of items were made available and ascertained - The respondent assessee was eligible for deduction under Section 10B of the Act - There was no cause or reason for the assessee to deliberately write off saleable goods which could be exported in the books of accounts as non-saleable - Decided against Revenue. - ITA 464/2013 - - - Dated:- 10-12-2013 - Sanjiv Khanna And Sanjeev Sachdeva,JJ. For the Appellant : Mr. Kamal Sawhney, Sr. Standing Counsel. For the Respondent : Through ORDER Sanjiv Khanna, J. (Oral) The relevant orders have been filed by the appellant. We are inclined to condone delay of 99 days in re-filing of the appeal. Applicati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value of assessee s assets. He accordingly held that this amount was not an allowable expenditure and was added back. The said finding was affirmed by the Commissioner (Appeals), who observed that the amount was only a provision in the books. 5. The tribunal in the quantum proceedings held that nothing had been brought on record to show on what basis items in question were considered as non-saleable or damaged. The assessee had not produced material with regard to the expiry date etc. It was further recorded that the assessee had not written off value of the stocks and had simply made a provision. There was no rational basis for the said provision, such as expert opinion etc. 6. In the impugned order, the tribunal has rightly held that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal in the impugned order has referred to the observation of the Assessing Officer on decrease in value of assessee s assets and observed that if there was decrease in the value of assets, the closing stock has to be valued at market price and not necessarily at cost price. The assessee had filed before the tribunal stock summary which contained necessary/relevant details. It is recorded that these details were not filed during the course of assessment proceedings. 8. In view of the factual findings recorded by the tribunal, accepting the explanation furnished by the assessee, we do not think that any substantial question of law arises for consideration. The said findings are factual. The appeal is dismissed. - - TaxTMI - TMITax - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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