reads as under :-
"The company had since the insertion of section 145A in the Income Tax Act, 1961 had
accounted for the excise duty ... gate. Due to the accrual system of accounting and amendment in section
145A of the Income tax Act, the assessee is bound to account
from
business or income from other sources as per provision of sec. 145A(b) of the IT
Act, 1961. The same was allowed ... Jute Factory PLC
3
income from other sources in terms of Section 145A(b) of the Act, which
has resulted in under assessment
merit in this ground and he
after referring to section 145 and 145A of the Act stated that the
assessee was required to route ... IGST through its P&L Account
failing which sec. 145A and ICDS-2 on valuation of inventories
comes into play and the appellant cannot
according to him, valuation of stock is guided by provisions of sec. 145A of the Act.
He further observed that the value of shares ... closing
stock, which was not acceptable in terms of provisions of sec. 145A of the Act. Based
on the above observation, the A.O. held
value of closing stock purportedly as per the provision
of section 145A of the Income Tax Act, 1961.
2. The assessee in the present case ... value of stock as required by the provisions of section
145A . He, therefore, invoked the said provisions and included the value
valued on FIFO basis or weighted average method basis. Provision
of section 145A of the Act, 1961 also prescribed for such method of valuation ... assessee submitted as under:-
"Regarding applicability of the provision of section 145A of the Income Tax Act,
1961 the provisions has not prescribed
under consideration.
3.1 The assessee also submitted that the provisions of Sec. 145A(b) of the Act are
applicable from the assessment year ... income of the
assessment year 2009-10.
As regards amended section 145A it is observed that the same has been
amended by the Finance
closing stock of finished
goods in terms of provision of Sec. 145A of the Act.
32. The assessee has not included customs duty estimated ... included in
the closing stock in terms of the provisions of section 145A of the Act. The AO
also observed that
read as follows:
"145A. Method of accounting in certain cases.--Notwithstanding anything to the
contrary contained in section 145 the valuation of purchase ... value of the closing stock as per provisions of Section
145A . In reply, the assessee submitted that in accordance with the method of
accounting regularly
provisions of section 145A are as under:
Method of accounting in certain cases.
145A. For the purpose of determining the income chargeable under the head ... that case as under:
"The result of the substitution in s. 145A with retrospective effect from 1st April,
2017 would be the regularly adopted
