well as the closing stock as per
the requirement of section 145A , is tax neutral inasmuch as the same
amount is both debited as well ... allowed. Ld. AR
submitted that Section 145A provides for uniformity in the method of
valuation of inventory, purchases and sales, thereby, mandating the
inclusion
read with the provisions of Section 145A. The AO noted that the following amounts were not debited ... have to be loaded to closing stock valuation in terms of Section 145A and, therefore, closing stock would be enhanced and corresponding deduction
challenged disallowance of un-
utilized MODVAT credit under the provisions of section 145A of the Act.
47. Brief facts are, during the assessment proceedings ... certified that net effect of deviation from
the valuation prescribed under section 145A of the Act, is revenue
neutral. The Assessing Officer, however, rejecting
your honour may please
note the provisions of Section 145 and Section 145A of the
Income-tax Act, 1961 which stood as follows:- [Method ... assessment in the manner provided in
[Method of accounting in certain cases.
145A. Notwithstanding anything to the contrary contained
in, the valuation of purchase
cost of purchases by Modvat element.
1.2 Your appellant submits that Section 145A does not authorize the increase in value of closing stock without simultaneous ... first issue is whether Section 145A would authorize the increase in valuation of closing stock by Modvat. The assessing officer had added
being the unutilized
countervailing duty, under section 145A of the Act for the reason that the
same ought to have been added to the value ... method of accounting was not in
accordance with the provisions of section 145A of the Act.
4.1. That on the facts and circumstances
Piramal Enterprises Ltd. )
GROUND V: ADJUST MENT OF INVENTORY AS PER SECTION 145A
OF Rs.1,16,08,088/-
1. On the facts and circumstances ... delete the adjustment of Rs.
1 ,16,08,088/- made u/s 145A of the Act.
GROUND VI: DISALLOWANCE
Shree Siddhi Vinayak Induction Pvt. ... vs Dcit, Jaipur on 29 August, 2022
vk;dj vihyh
Officer of making addition of
Rs.5,12,27,909/- u/s. 145A on account of differential Cenvat Credit in
opening and closing stock ... with respect to addition of Rs. 5,12,27,909 u/s 145A of the 1961 Act
on account of differential Cenvat Credit in opening
section 57(iv) r.w.s. 56(2)(viii) r.w.s. 145A(b) of the
Act. These provisions read as follows:-
"Deductions ... compensation or on enhanced
compensation referred to in clause (b) of section 145A;"
ITA Nos. 1747 & 1750/Bang/2017
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