2017 (12) TMI 1901

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....ome Tax Appellate Tribunal ('ITAT') in ITA No.678/Del/2004 for the AY 2000-01. 2. While admitting this appeal on 24th April 2006, the following questions of law were framed for consideration: "i. Whether Tribunal has rightly interpreted sections 43B and 145A of the Income Tax Act, 1961 and is right in impliedly holding that the customs duty paid cannot be included in the value of the closing stock even if the same has been taken as expenditure in the profit and loss account? ii. Whether the Tribunal was right in law in not confirming the disallowance of Rs. 162.33 crores made under Section 43B for want of evidence? iii. Whether section 43B of the Income Tax Act, 1961 has any relevance for computing value of the....

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....Tribunal deleting the addition of Rs. 53.05 crore is perverse and fails to take into consideration that the said discrepancy was noticed in the preceding assessment year and the assessee had himself settled the excise claim and paid excise duty of Rs.108 crore on the rates prevalent in the assessment year 1999- 2000? x. Whether the Tribunal was right in law in deleting the disallowance of Rs. 37 crore made under section 43B being the amount of custom duty paid on account of discrepancy in the stock register by completely disregarding that the duty was relatable to the purchases which were not accepted as admissible for the purpose of Income Tax Act? xi. Whether on a correct interpretation of the Explanation (baa) to Sectio....