provisions
of section 57(iv) read with sections 56(2)(viii) and 145A(b) of the Act
under the head income from other sources. Being ... read with
Sec.56(2)(viii) and 145A(b) of the Act. The Hon'ble Gujarat High Court held
that interest under section
provisions of Section 56(2)(viii) and 57(iv) r.w. 145A(b), the AO has
treated the interest income ... 2016
:- 4 -: Smt P. Susheela
amended by insertion of Section 145A(b) w.e.f. 01-04-2010,
therefore, the amount received during the year
noted that while complying to the requirements of the provisions of Section 145A introduced with effect from 1-4-1999, the assessee adjusted the value ... opening stock also. The assessing officer was of the opinion that Section 145A required i.e., adjustment in the value of closing stock
acquisition to the date of payment
pursuant to the Provisions of Section 145A(b) by
the Finance Act, 2009 w.e.f 01.04.2010 read with ... short "the 2009
Act") effective from 01.04.2010 has amended Section 145A and inserted
Clause (viii) in sub-Section (2) of Section
Assessing Officer as per the
provisions of Section 43B read with Section 145A of the Act.
However, the CIT(A), on appeal by the Assessee ... made by the Assessing Officer
under section 43B read with Section 145A of the Act
on account of Excise Duty?"
5. The revenue argues
issues during such
scrutiny in the original assessment was processing of section 145A
for valuation.
The
assessee had also preferred appeal before the Commissioner(Appeals ... unutilized CENVAT
credit was required to be considered for adjustment u/s.145A and the
income was arrived at without including the unutilized CENVAT
credit
previous assessment year 1998-99 (being a transitional year) under Section 145A of the Income Tax Act, 1961?
4. Filing of paper book is dispensed ... extent of Rs. 54,84,272/-. According to the Assessing Officer, Section 145A of the Act (which came into force on 1st April
method for valuation of inventory instead of inclusive method mandated u/s
145A .
3. The CIT(A) has erred in law and on facts ... Mumbai) the year under
consideration was assessment year 1999-2000. Section 145A was inserted
with effect from 1.4.99. In other words assessment year
furnished as under :
"Given below is the working as per section 145A which is self
explanatory.
J.V.Chem (India) A.Y.2007 ... relation
The effect on Profit/Loss due to deviation from Sec 145A is calculated here below:
Gross Profit as per Books
followed exclusive method of accounting in contravention of
the provisions of section 145A which mandates inclusive method for
valuation of inventory ... Revenue's appeal revolves around
applicability of Section 145A of the Act towards alleged under
valuation of closing stock. The learned AR submitted that
