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TMI Blog2023 (8) TMI 280X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 18-11-2022. The grounds taken by the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 consistency. 6. The learned CIT(A) erred in not considering the material fact that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es 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 not accepted since no evidence could be furnished by the assessee in support of the same. The argument of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Apparently, the trading results have been accepted by commercial department and there is no adverse material on record, in this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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