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
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
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
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
legal contention that Section 4313 has overriding effect and, therefore, Section 145A of the Act introduced w.e.f. 1st April, 1999 can have ... valuation is done in accordance with law. The Tribunal thereafter noticed Section 145A of the Act under which in computing the profits of the business
this regard, it is noticed that the legislature
inserted section 145A by the Finance (No.2) Act, 1998 w.e.f. 1.4.199,
the relevant part ... which reads as under : -
"145A. Notwithstanding anything to the contrary contained in section
145 , the valuation of purchase and sale of goods and inventory
year and therefore, does not form part of the computation
u/s 145A for the previous year relevant to this assessment year ... submitted during the course of assessment
proceedings that the provisions of sec. 145A are fully complied
with and so far as the impact of excise
inserted sec. 145B , amended 145A and
inserted clause (vil in section 56(2) and 145B and amended 145A. 56(2) (viii) reads as -
(viii) income ... 145B .
The underlined words were substituted for "clause (b) of section 145A ", by the Finance
compensation or on enhanced
compensation referred to in clause (b) of section 145A' and correspondingly by the
said Act, also introduced the provisions ... income referred to in section 56(2)(viii).
Further submitted that section 145A of the Act provides for the method of accounting
in certain cases
