2017 (8) TMI 188

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....questions of law. (i) "whether, on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was justified in deleting the addition of 2% of the total value of raw materials, stores and spares in closing stock made u/s 145A of the Income Tax Act, 1961 on account of direct expenses like freight, storage, etc. ?" (ii) "Whether, on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal is right in allowing the claim of the Assessee on account of delayed payments of P.F. And ESIC of employees' contribution amounting to Rs. 30,87,586/by relying on the decision of Hon'ble Bombay High Court in Assessee's own case for A.Y. 2006-07 reported in 366 ITR 1 ?" (iii) "Whether, on....

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....Malhotra, learned Counsel for the Appellant strenuously contends that two contradictory reports submitted by the Assessing Officer, wherein, in one report it was stated that the provision for excise duty was made in the closing stock, and in other, it was also stated that the impact of non provision of excise duty on profit of the company is nil. According to the learned Counsel, the Commissioner (Appeals) and the Tribunal, have mainly relied on the fact that the assessee is a Public Sector Company undertaking, whose accounts are audited by the auditors of the Comptroller & Auditor General of India. However, no effective finding could be arrived at as to whether the excise duty was included in the closing stock. In absence of the same, Trib....