Court :
High Court
Brief :
Section 145A of the Income-tax Act, 1961 - Method of Accounting - In certain cases - Assessment year 1999-2000 - While completing assessment, Assessing Officer noticed that certain amount of MODVAT, which was available to assessee, was not included in value of closing stock on 31-3-1998, but was included in opening stock on 1-4-1998 - He, therefore, made addition of that amount - On second appeal, Tribunal deleted said addition holding that no undue advantage had been taken by assessee by adjusting unutilized MODVAT credit in revaluation of opening stock - Whether Tribunal was justified in its views - Held, Yes
CASE REVIEW:
CIT v. Nahar Spg. Mills Ltd. [IT Appeal No. 503 of 2007 (Punj. & Har.) dated 25-2-2008] [Para 7] and CIT v. Indo Nippon Chemicals Co. Ltd. [2003] 130 Taxman 179 / 261 ITR 275 (SC) [Para 7], followed.
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†Arising from order of ITAT, Chandigarh in IT Appeal No. 363 (Chd.) of 2006, dated 14-2-2007
Citation :
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