Section 47 in The Finance Act, 2018
47. Substitution of new sections 145A and 145B for section 145A.
- For section 145A of the Income ... been substituted with effect from the 1st day of April, 2017, namely:- `145A. Method of accounting in certain cases. - For the purpose of determining
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
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
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;"
Method of accounting in certain cases.
"145A. Notwithstanding anything
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
Page
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
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
computer
software. The Assessing Officer allowed adjustments under the
application of section 145A . The assessing officer allowed the said
adjustment as discussed in para ... account of adjustment under section
145A of the Act was made to the value of the closing stock in the earlier
years and whereas similar
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
section 57(iv) r.w.s. 56(2)(viii) r.w.s. 145A(b) of the
Act. These provisions read as follows:-
ITA No.1748 ... compensation or on enhanced
compensation referred to in clause (b) of section 145A;"
Method of accounting in certain cases.
"145A. Notwithstanding anything
