2021 (5) TMI 689

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....uash and set aside the impugned notice at Annexure "A" to this petition; (b) pending the admission, hearing and final disposal of this petition, to stay the implementation and operation of the notice at Annexure "A" to this petition and stay the further proceedings for the Asst. Year 201112; (c) any other and further relief deemed just and proper be granted in the interest of justice; (d) to provide for the cost of this petition. 2. The relevant assessment year is 2011-12. The present litigation is one of scrutiny assessment under Section143(3) of the Income Tax Act, 1961 [for short 'The Act,1961']. Indisputably, the reopening as proposed is beyond the period of four years. 3. It appears from the ....

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....ng disclosures in respect of the same: ✔ Clause 12 read with Statement No.1 - Even if "Inclusive method" of accounting is followed in accordance with section 145A of the Act, it would be "revenue neutral"; ✔ Clause 22 read with Statement No.6, Note No.2 - Balance of MODVAT credit was shown in "Balancesheet" as "Current Assets" under the head "Loans and Advances"; ✔ SCN dated 11.08.14 -Method of valuation of stock as per S.145A (Point No.17); ✔ Reply - letter dated 09.09.14 (Point No.2). It was submitted that even if adjustment is made in terms of section 145A of the Act, then also the same would be revenue neutral as is evident from "Statement No.1" annexed to the "Tax Audit Re....

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....sh various details and information w.r.t. Vega Industries (Middle East) FZE in Azman Free Zone, UAE (Point No.1); ✔ The writapplicant, vide letter dated 12.03.15, made elaborate submissions w.r.t Income from Vega Industries (Middle East) - Point No.1; The writapplicant preferred an appeal against the aforesaid Assessment Order and the learned Commissioner of Income Tax (Appeals), vide order dated 27.02.17, was pleased to delete following additions among other additions: ✔ Addition of Rs. 34,11,19,295/made in respect of profit of Vega UAE; ✔ Addition of Rs. 1,91,49,551/made in respect of unutilized CENVAT credit. The Department has preferred an appeal bearing ITA No.1112/Ahd/2....