https://www.taxtmi.com/caselaws?id=286978 Unutilized MODVAT credit was not separately required to be added to income merely because it appeared in the balance sheet as part of closing stock. The assessee had consistently followed the exclusive method for valuing purchases, sales and closing stock, and the Assessing Officer's adjustment could not be confined to closing stock alone because application of an inclusive method would also require corresponding treatment of opening stock. On these facts, section 145A did not warrant the impugned addition, and deletion of the addition was upheld in favour of the assessee. en-us Mon, 25 Jun 2012 00:00:00 +0530 Mon, 23 Mar 2020 16:48:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286978 Unutilized MODVAT credit was not separately required to be added to income merely because it appeared in the balance sheet as part of closing stock. The assessee had consistently followed the exclusive method for valuing purchases, sales and closing stock, and the Assessing Officer's adjustment could not be confined to closing stock alone because application of an inclusive method would also require corresponding treatment of opening stock. On these facts, section 145A did not warrant the impugned addition, and deletion of the addition was upheld in favour of the assessee. Case-Laws Income Tax Mon, 25 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286978