9911796707
TMI Blog2021 (6) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... d of valuation adopted by it was in consonance with Indian Accounting Standard 2 on Inventories issued by the Institute of Chartered Accountants of India (ICAI) which is mandatorily to be followed by the assessee. As brought to the notice of the ld. CIT(A) by the assessee that the same issue had cropped up in assessee s own case for A.Y.2014-15 and the ld. AO had not made any disallowance o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee by: Ms. Neelam Jadhav Revenue by: Ms. Bharati Singh ORDER PER M. BALAGANESH (A.M): This 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 T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO in the course of assessment proceedings observed that on perusal of the profit and loss account of the assessee, the assessee has shown re-valuation of stock amounting to ₹ 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 ₹ 32,42,105/- was sought to be added by the ld. AO in the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ld. CIT(A) by the assessee that the same issue had cropped up in assessee s own case for A.Y.2014-15 and the ld. AO had not made any disallowance 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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