What did the Tribunal hold?

The Tribunal decided to send the matter back to the Assessing Officer for fresh examination of the assessee's claim regarding the reduction in the value of closing stock. The Assessing Officer is to consider the provided photographs and the assessee's explanation.

The assessee is aggrieved by an order confirming the addition of Rs. 6,84,500/- on account of loss from reduction in the value of closing stock. The assessee argued for identical facts in earlier years where the matter was sent back to the Assessing Officer.

What were the issues?

Whether the addition made on account of loss in closing stock is justified, and if the Assessing Officer should re-examine the assessee's claim with supporting evidence.

Radiant Exports Private Limited vs ITO | ITAT Mumbai 2018

Income Tax Appellate Tribunal, MUMBAI BENCHES “SMC”, MUMBAI

Before: Shri Joginder Singh,

For Appellant: Shri M. Subramanian, Ms. N. Hemalatha-DR

Hearing: 04/01/2018

सुनवाई क� तार�ख / Date of Hearing 04/01/2018 04/01/2018 आदेश क� तार�ख /Date of Order: आदेश / O R D E R The assessee is aggrieved by the impugned order dated 20/06/2017 of the Ld. First Appellate Authority, Mumbai, confirming the addition of Rs.6,84,500/- being the loss occasioned by reduction in the value of closing stock.

During hearing, the ld. counsel for the assessee, Shri M. Subramanian, explained that on identical facts for earlier years, the matter was sent to the file of the Ld. Assessing Officer, therefore, the impugned year also may be sent back. On the other hand, the Ld. DR, Ms. N. Hemalatha, though defended the addition but had no objection if the matter may be again examined.

2.1. I have considered the rival submissions and perused the material available on record. It is noted that (para-4.2 of the impugned order) similar submissions/explanation were made by the assessee for Assessment Year 2011-12, wherein, the Ld. Assessing Officer was directed to verify the photographs, certificate from Sheetal Marmo P. Ltd. Udaipur and Yard note, etc. Before the Ld. Commissioner of Income Tax (Appeal) as well as before this Tribunal, the assessee produced the photographs showing the broken marbles. Thus, without going into much deliberation, this appeal is sent to the file of the Ld. Assessing Officer to examine the claim of the assessee and decide afresh in accordance with law. The photographs and the factual matrix/explanation of the assessee may be considered. The assessee be given opportunity of being heard.

Thus, the appeal of the assessee is allowed for statistical purposes.

Finally, the appeal of the assessee is allowed for statistical purposes.

This order was pronounced in the open court in the presence of ld. representative from both sides at the conclusion of the hearing on 04/01/2018.

Sd/- (Joginder Singh) �या�यक सद�य / JUDICIAL MEMBER मुंबई Mumbai; �दनांक Dated : 04/01/2018 f{x~{tÜ? P.S /�नजी स�चव आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : 1. अपीलाथ� / The Appellant 2. ��यथ� / The Respondent. 3. आयकर आयु�त/ The CIT, Mumbai. 4. आयकर आयु�त / CIT- , Mumbai 5. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, मुंबई / DR, ITAT, Mumbai 6. गाड� फाईल / Guard file. आदेशानुसार/ BY ORDER,

RADIANT EXPORTS PRIVATE LIMITED,MUMBAI vs. INCOME TAX OFFICER-5(3)(1), MUMBAI

What did the Tribunal hold?

What were the facts?

What were the issues?

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