TaxTMI 
TaxTMI 
2013 (11) TMI 5
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....m/2012 AY 2007-08 Grounds of appeal, filed by the assessee for AY- 2007-08, read as under: Additions u/s.145A: 1.1.That the learned CIT(A) 13 erred on the facts, in the circumstances of the case and in law in not allowing, the working of adjustments as done by the appellant u/s.145A and also erred, in making addition u/s.145A at Rs.343000/- as against the working at 'Nil' done by the appellant. 1.2.That the learned CIT(A)-13 erred on the facts, in the circumstances of the case and in law in not giving findings against the grounds of appeal related to the adjustments u/s. 145A, though the said grounds of appeal are recited in appeal order and also erred in not considering the substantive submissions made by the appellant. 1.3.Tha....
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....enhancing the addition u/s.145A as under: Particulars Additions u/s.145A 1.1.1 As per working of adjustment u/s.145A of the Appellant Nil 1.1.2 As per working of adjustments u/s.145A of the Assessing officer 5406435/- 1.1.3 As per working of the adjustments, on enhancement, by the CIT(A)-13 14200000/- 1.2.That the learned CIT(A)-13 erred on the facts, in the circumstances of the case and in law in not giving findings against the grounds of appeal related to the adjustments u/s. 145A, though the said grounds of appeal are recited in appeal order and also erred in not considering the substantive submissions made by the appellant. 1.3.That the learned CIT(A) 13 erred on the facts, in the circums....
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.... the First Appellate Authority(FAA), u/s.145A of the Act.During the assessment proceedings, AO found that assessee had not included the excise duty in the valuation of closing stock. He held that, as per the provisions of section 145A of the Act, assessee should have included excise duty component of purchase price of raw-material while valuing the closing stock of finished goods, work-in-progress and raw-material.The assessee submitted before the AO that non-inclusion of the same would have no effect on its computable profits. Referring to the provisions of said section, AO held that submission made by the assessee questioned the wisdom of legislature, that the clarificatory amen -dment introduced in the section required the assessee to va....
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....02/-, payable on finished goods was paid before the due date of filing of return of income, that excise duty on closing stock on finished goods was Rs. 63.71 lacs. He referred to pages no.2, 19, 83to 91 of the paper book.He further stated that no adjustment pertaining to Modvat Credit was made in earlier years i.e.from AY 1999-2000 to 2006-07, that accounts of the assessee were prepared on exclusive method, that adjustments as contemplated by the provisions of section 145A of the Act and other adjustment in consequence of inclusive method were regularly shown the books of accounts, that in making above adjustments assessee had taken support from the guidance note issued by the ICAI, that guidance note issued by the Institute have been accep....
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.... from taxation point of view.At pg, no.84 of the PB, assessee has given the details of earlier years' adjustment and treatment given by the AO to such adjustments.We find that in the earlier years AO had accepted the method followed by the assessee.In our opinion, provisions of section 145A of the Act are applicable in the case under con -sideration-nobody can claim exemption from the provisions of the said section.But, the accounts prepared by the assessee in a particular manner, as discussed above, have neutrailised the tax effect and brought it to nil.There is no denial that it has followed the guide note of the ICAI and the note has been judicially noted at Higher Forums of judiciary.We find that in the case of the sister concern of the....