https://www.taxtmi.com/caselaws?id=182324 The Appellate Tribunal ITAT MUMBAI addressed the issue of addition to closing stock on account of modvat credit under section 145A of the Income Tax Act. The Tribunal emphasized the need for comprehensive adjustments for tax, duty, cess, or fee at all stages of accounting, including opening stock, purchases, sales, and closing stock. Relying on judgments from the Hon'ble High Courts of Delhi and Bombay, the Tribunal upheld CIT(A)'s decision to apply section 145A holistically, leading to the dismissal of the revenue's appeal and the affirmation of CIT(A)'s directive in full. en-us Wed, 22 May 2013 00:00:00 +0530 Sat, 07 May 2016 12:45:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182324 The Appellate Tribunal ITAT MUMBAI addressed the issue of addition to closing stock on account of modvat credit under section 145A of the Income Tax Act. The Tribunal emphasized the need for comprehensive adjustments for tax, duty, cess, or fee at all stages of accounting, including opening stock, purchases, sales, and closing stock. Relying on judgments from the Hon'ble High Courts of Delhi and Bombay, the Tribunal upheld CIT(A)'s decision to apply section 145A holistically, leading to the dismissal of the revenue's appeal and the affirmation of CIT(A)'s directive in full. Case-Laws Income Tax Wed, 22 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182324