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TMI Blog2014 (5) TMI 618X X X X Extracts X X X X X X X X Extracts X X X X ..... stock of the assessee – Revenue has not been able to show as to how position has varied in the present AY - the assessee has been consistently following FIFO method for the purpose of valuation of stock – thus, there is no reason to interfere in the order of the CIT(A) – Decided against Revenue. - I.T.A. No. 1021/Mds/2013 - - - Dated:- 8-5-2014 - Dr. O. K. Narayanan And Shri Vikas Awasthy,JJ. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made his own valuation of closing stock. Aggrieved against the assessment order dated 27.12.2011, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals). The Commissioner of Income Tax (Appeals) vide impugned order dated 29.01.2013 allowed the appeal of the assessee. The Revenue has come in appeal before the Tribunal against the order of the Commissioner of Income Tax (A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned authorized representative submitted that the issue of valuation of stock had come up before the Tribunal in the case of assessee in the assessment year 2008-2009. The co-ordinate bench of the Tribunal in ITA No.637/Mds/2012 decided on 19th July, 2012 has upheld the basis of valuation of closing stock of the assessee. The Commissioner of Income Tax (Appeals) in impugned order has followed the o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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