2013 (3) TMI 49

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....filed under section 260-A of the Income Tax Act, 1961 against the order dated 27.10.2009 passed by the Income Tax Appellate Tribunal (Bench Lucknow) in I.T.A. No.386/Luc/2009 for the Assessment Year 2004-05 connected with C.O. No.52/Luc/09. In the memo of appeal the following questions of law have been proposed:- 1. Whether Hon'ble Income Tax Appellate Tribunal was justified in not appreciating....

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....of the closing stock of the earlier years." Heard Sri Dhananjai Awasthi in support of the appeal and Shri S.D. Singh, learned counsel for the assessee. Sri Awasthi submits that the Tribunal was not justified in providing that in the case of MODVAT the excise duty paid on raw material should also be included in the value of the opening stock. The Tribunal has held that the assessee was adopti....