TaxTMI 
TaxTMI 
2015 (6) TMI 357
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....ssessment order do not indicate any material evidence to. rebut the claim of the assessee for payment. The A.O. disallowed the same due to payment beyond the time prescribed under the provision of I.T. Act, 1961 as well as Provident Fund Act. The Ld. CIT(A) has ignored the facts and circumstances narrated by the AO in the assessment order passed u/s.143(3) of I T Act. 1961. 2. That the Ld. CIT (Appeals) has wrongly deleted the additions of Rs. 33,79,849/-as disallowance U/s 43B for purchase tax on account of late payment .During the assessment proceedings the assessee submitted "that the amount of Rs. 33,79,849/- has already been disallowed by the assessee itself and same is added back in computation of income for the period under consid....
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....eas before the ld. CIT(A) assessee has filed relevant evidence to prove that the payments of Provident Fund were made before the due date of filing of the return of income. Being convinced with the explanations of the assessee, the ld. CIT(A) has deleted the addition. The relevant observations of the ld. CIT(A) are extracted hereunder for the sake of reference:- "I have considered the issue, It is seen from the order of the AO that the AO has made the basis of disallowance, Annexure E and El of the Audit report. The copy of this report as filed in appeal before me shows that that the mode of payment was shown as draft/ cheques. All the draft and cheques are issued well before the due date for filing the return of income. The return in qu....
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....so made before the due date of filing of the return of income. On perusal of the orders of the lower authorities, we find that the Assessing Officer has disallowed the payment for want of proper evidence with regard to the payment of purchase tax before due date of filing of the return of income. Before the ld. CIT(A), the relevant evidence was filed to establish that the payments were made before the due date of filing of the return of income. During the course of hearing of this appeal, the ld. D.R. could not dispute the factual aspect. Since the payments were made before the due date of filing of the return of income, the same is allowable under section 43B of the Act. Accordingly, the order of the ld. CIT(A) on this issue is confirmed. ....
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....ion of closing stock. The ld. CIT(A) re-examined the claim of the assessee in the light of his contentions and has finally deleted the addition in the light of the judgments of the Hon'ble Madras High Court reported in 267 ITR 600 and 243 ITR 502 and the judgment of the Hon'ble Apex Court in the case of Chainrup Sampatram, 24 ITR 481(SC) and Hindustan Zinc Ltd., 291 ITR 391 (SC). 7. Aggrieved, the Revenue has preferred an appeal before the Tribunal with the submission that the closing stocks are to be computed as per provisions of section 145A of the Act and excise duty incurred should be included in the valuation of closing stock. The judgments referred to by the ld. CIT(A) are the judgments rendered before introduction of secti....
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....e upon the following judgments:- 1. CIT vs. Dynavision Ltd., 348 ITR 380(SC). 2. CIT vs. Torrent Cables Ltd., 354 ITR 163(SC). 3. Order of the Tribunal in the case of Kisan Sahkari Chini Mills Ltd., Shahjahanpur vs. ACIT, I.T.A. No. 490/LUC/2006. 4. Order of the Tribunal in the case of Kisan Sahkari Chini Mills Ltd., Puranpur vs. DCIT, I.T.A. No. 99/LUC/2009. 9. Having carefully examined the orders of the lower authorities and the judgements referred to by the parties and the relevant provisions of the Act in the light of the rival submissions, we find that in those cases referred to by the assessee scope of provisions of section 145A of the Act was not examined by the Hon'ble High Court or the Tribunal. 10. In the cas....
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....ssessee ; and (ii) further adjusted to include the amount of any tax, duty, cess or fee (by whatever name called) actually paid or incurred by the assessee to bring the goods to the place of its location and condition as on the date of valuation. For the purposes of this section, any tax, duty, cess or fee (by whatever name called) under any law for the time being in force, shall include all such payment notwithstanding any right arising as a consequence to such payment." 11. As per sub-clause (ii) of clause (a) of section 145A of the Act, excise duty actually paid or incurred by the assessee is to be included in the valuation of closing stock. Excise duty always incurred on manufacturing of goods, though it is to be paid at the ti....