Valuation loss written off in compliance with AS-2 is allowable for I-T purposes as well; HC remands

IT: Where assessee having followed principle of 'cost or net realisable value, whichever is loss', adopted write off factor of inventory at 8.50 per cent which was rejected by authorities below, in view of fact that aforesaid method adopted by assessee was an accepted method of valuation of inventory as per AS-2, impugned order was to be set aside and matter was to be remanded back for disposal afresh