Assessee was engaged in business of leather, leather shoes, leather shoe-uppers etc., in respect of which assessee had a closing stock of raw material and finished goods. Assessee had shown value in closing stock of these items at nil. AO took value of closing stock at Rs. 67.83 lakhs and made addition to income of assessee. CIT(A) deleted the addition.\u00a0 Tribunal held that assessee was following similar method of valuation of closing stock year after year and same was accepted in earlier year by revenue and, further, considering nature of these items it was clear that these items day to day reduce in their value, Commissioner (Appeals) was justified in accepting said valuation of closing stock .(AY.2008 -09)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 145 : Method of accounting\u2013Valuation of closing stock at nil- Consistent method of accounting\u2013Deletion of addition by CIT(A) is held to be justified.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6398","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1Fc","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=6398"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6398\/revisions"}],"predecessor-version":[{"id":6399,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6398\/revisions\/6399"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=6398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=6398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=6398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}