2007 (10) TMI 386

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....ions : "(a) Whether on the facts and in the circumstances of the case in law, the hon'ble Tribunal erred in confirming the order of the Com-missioner of Income-tax (Appeals) and directing the deletion of addition of Rs. 62,84,720 made on account of the undervaluation of the closing stock by changing the method of accounting of the work-in-progress ? (b) Whether on the facts and circumstances of ....

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....ed a finding that the change of method has been followed in the subsequent years and the same was not disputed by the Assessing Officer. The Revenue being aggrieved by the allowance of the said expenditure preferred appeal before the Tribunal. The Tribunal in paragraph 3 places reliance on the judgment of this court in the case of Melmould Corporation v. CIT [1993] 202 ITR 789. The Tribunal did no....

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....upreme Court made a distinction between increase of capital by issuing of new shares and issuance of bonus shares. In respect of bonus shares, the court held that the expenditure incurred would be revenue expenditure and consequently would be allowable. Considering the judgment of the Supreme Court, in our opinion, the second question as framed would not arise. 5. In so far as the next question i....

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....ras High Court has taken a view that if the payment towards the provident fund and employees' State insurance are paid within the grace time allowed under the relevant statute, then the payments can be said to be paid within the due date. Reliance was then placed on the judgment in the case of CIT v. Modi Spinning and Weaving Mills Co. Ltd. [2007] 292 ITR 479 (Delhi) where the Delhi High Court has....