2013 (11) TMI 1544

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....11/2013 ORDER PER SHRI KUL BHARAT, JUDICIAL MEMBER : This appeal by the Assessee is directed against the order of the Ld.Commissioner of Income Tax(Appeals)-Valsad ('CIT(A)' for short) dated 17/05/2010 pertaining to Assessment Year (AY) 2005-06 and the solitary ground reads as under:- 1. The learned Addl.Comm.of Income Tax erred in disallowing adjustment U/s.145(A) of Rs. 4,64,949/- wi....

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....49/- made u/s.145A of the Act. The ld.CIT(A) after considering the submissions, deleted the addition of Rs. 51,761/- and sustained the addition of Rs. 4,64,949/-. Against this, the assessee is in appeal before us. 3. TRhe ld.counsel for the assessee Ms.Urvashi Shodhan submitted that the AO erred in disallowing u/s.145A of the Act amounting to Rs. 4,64,949/- without considering the facts. She su....

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....g the valuation of opening stock, which is also exclusive of excise duty. The ld.counsel for the assessee has relied upon the following case-laws:- Sl.No(s) Decision in the case of ... Reported in... 1. CIT vs. Dynavision Ltd. (2012) 348 ITR 380 (SC) dated 30/08/2012 2. CIT vs. Mahalaxmi Glass Works P.Ltd. (2009) 318 ITR 116 (Bom) dated 01/04/2009 3. ITO vs. Navjiv....

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....issue relating to whether the value of closing stock of the inputs, work-in-progress and finished goods must necessary include the element for which MODVAT credit is available was a hotly debated topic. Sec. 145A was inducted to clarify that while computing the value of the inventory as per the method of accounting regularly employed by the assessee, the same shall include the amount of any tax, d....