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TMI Blog2008 (7) TMI 24X X X X Extracts X X X X X X X X Extracts X X X X ..... osing stock at the approximate market value as estimated by a qualified Chartered Engineer and AO could not point out any defect in the valuation report - no substantial question of law arises – revenue appeal dismissed - 194/2007 - - - Dated:- 16-7-2008 - Advocates who appeared in this case: For the Appellant : Ms Rashmi Chopra For the Respondent : Mr Yasobant Das, Sr Advocate with Mr Amol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f stock. The assessee explained the same by stating that the material was very old and had become unusable and obsolete. A valuation certificate of a chartered engineer was also furnished in support of the assessee's claim. Not being satisfied with the explanation given by the assessee, the Assessing Officer added the amount of Rs 72,96,314/-. 2. Being aggrieved by this order, the assessee pre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d most of it was found in a damp condition. In the Chartered Engineer's estimation, the stock had been rendered unusable because of the physical condition and technical obsolescence and it was because of this that the value was taken at 'Nil' or at a 'very small' value and that, too, merely because of the presence of some metallic and other parts. The said statement of the Chartered Engineer as we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by a technically qualified person cannot be disregarded keeping in view the facts and circumstances of the case of the assessee and the nature of its business. The assessee was in the business of manufacturing television sets which required electronic components in respect of which technical obsolescence was a well-known fact. On the basis of this, the tribunal rejected the revenue's appeal. 4. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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