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
Assessing Officer to make addition on account of the provisions
of Section 145A of the Act.
4) The learned Commissioner of Income Tax(Appeals) erred ... directing
the Assessing officer to invoke the provisions of Section 145A of the
Act without making any adjustment to the opening stock of the
Appellant
2014
KG Petrochem Ltd. Vs. ACIT
effect of section 145A and also not following the
direction of Hon'ble ITAT on this issue while ... excise
duty of Rs. 16,20,151/- in giving effect of Section 145A of the Income Tax
Act, 1961 (in short the Act). In this
closing stock on
account of unutilized Modvat credit under section 145A of the Act.
He erred in not accepting the method prescribed under the guidance ... Institute of Chartered Accounts of India relating to adjustments
under section 145A of the Act.
He further erred in directing the Assessing Officer to find
made
addition of the excise duty having invoked the provisions of section 145A of
the Act, according to which while valuing the purchase and sale ... have been included in the closing stock as per
provisions of section 145A(a) of the Act.
6. The assessee preferred an appeal before
reply,
pointed out that in view of the provisions of section 145A of the Act and the
Circular No.772 of CBDT, any tax, duties ... which the payment
of Rs.8,00,000/- only, provisions of section 145A r.w.s. 43B of the Act were
squarely applicable
making addition of Rs. 18,84,923/- to closing
stock u/s. 145A of the Act. Aggrieved by the order of A.O., Assessee
carried ... addition of Rs.18,84,923/-made as per provisions of Section
145A to Rs.5,03,187/- without appreciating the fact that the amount
erred in granting deduction in respect of
adjustment under section 145A of the Act amounting to
Rs.37,75,411/- without appreciating the ratio contained ... revenue is aggrieved in granting deduction in
respect of adjustment under section 145A of the Act.
10. As per the AO, the assessee
deleting the addition of
Rs.2,29,092/- u/s.145A. The Appellant submits that the Assessing Officer be so directed.
6. The learned Commissioner ... deleting the addition of
Rs.6,42,419/- u/s.145A. The Appellant submits that the Assessing Officer be so directed.
6. The learned Commissioner
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
