2011 (2) TMI 1442

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....dent : None ORDER J. Sudhakar Reddy (Accountant Member) This is an appeal filed by the Revenue directed against the order of the CIT(Appeals)-IX, Mumbai dated 05-05-2008 on the following grounds: 1. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in deleting addition of Rs. 13,85,463/- made by the Assessing Officer on account of adjustment i....

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....ances of the case and in law, the ld. CIT(A) erred in reducing the disallowance of Rs. 8,80,470/- made by the Assessing Officer u/s 14A of the I.T. Act (being 0% of the dividend income of Rs. 88,04,700/-) to Rs. 4,67,936/-. 2. None appeared on behalf of the assessee. There is neither any application for adjournment. Under these circumstances, we dispose of the case exparte on merits qua the ass....

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....ere would be no effect on profitability of the company considering the impact of modvat as per the provisions of section 45A. However, the AO has ignored the fact that the appellant is following consistently same method for valuing opening and closing stock. Keeping in view, the appellant's submission and the audited statement, I direct the AO to delete the addition. This ground of appeal is allow....