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Showing contexts for: export of marble in M/S Khetan Times Pvt. Ltd., Jaipur vs Deputy Commissioner Of Income Tax, ... on 9 March, 2020Matching Fragments
M/s Khetan Tiles Pvt. Ltd. vs. DCIT
2. During the course of hearing, the ld AR submitted that the assessee company is engaged in manufacturing, trading and export of marble tiles & slabs. It valued its stock at cost or net realizable value estimated on the basis of quality/defects of stock, whichever is lower. During the year, out of closing stock of 6013.682 MT of marble block, it considered 50% of the stock as defective and valued it at 55% of the cost. All other stock was valued at actual cost. Accordingly, out of 6013.682 MT of marble block, 3006.841 MT was valued at cost of Rs.3567.62 per MT i.e. at Rs.1,07,27,284/- and the remaining 3006.841 MT was valued at Rs.1962.19 MT i.e. Rs.59,00,006/-. This resulted in reduction in the value of the stock of marble block by Rs.48,27,278/-.