2014 (3) TMI 403

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....ondent : Shri Ashiam K Modi ORDER Per B. R. Mittal, JM: The assessee has filed this appeal for assessment year 2007-08 against order of ld. Commissioner of Income Tax(A) dated 12.12.2011. 2. Ground No.1 of the appeal taken by assessee is as under : "1. On the facts and in the circumstance of the case and in law, the CIT(A) (A) erred in upholding the action of AO in disallowing provi....

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....d for the balance amount of Rs.2,01,340/- it was written back on 31.3.2011. Therefore total amount of Rs.8,67,820/- (Rs.6,66,480 +Rs.2,01,340), the liability has not been ascertained and quantified till the finalization of books of account. 5. At the time of hearing, ld. AR referred page 31 of the paper book which contains the details of the total amount of Rs.42,03,972/-, the amount disallowed....

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....thout appreciating the fact that the appellant had already followed the method of valuation prescribed under section 145A of the Act and accordingly there was no question of making any further addition in respect of unutilized MODVAT" 7. We observe that the AO has stated that there was unutilized modvat credit of Rs.5,46,729/- as on 31.3.2007 and added the same to the closing stock. The ld. CIT....

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.... 8. At the time of hearing, ld. AR referred page 32 of the paper book and submitted that the assessee has also not included in the purchases excise duty and sales tax and if the unavailed modvat credit is to be included in the closing stock, the said excise duty and sales tax etc have to be included in the purchases. The assessee at page 32 has placed chart giving details of the opening stock, pu....