vires of section 194A (3)(ix) and (ixa) as also
section 145A(b) and 56(2)(viii) of the Income ... compensation or
on enhanced compensation referred to in clause (b) of
section 145A ."
13. Sub-section (2) of section 56 thus provides that
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
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
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
furnished as under :
"Given below is the working as per section 145A which is self
explanatory.
J.V.Chem (India) A.Y.2007 ... relation
The effect on Profit/Loss due to deviation from Sec 145A is calculated here below:
Gross Profit as per Books
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
account of valuation of closing stock ignoring the provisions of
Section-145A of the Income-tax Act, 1961 which clearly lays down
that excise duty ... entirely in accordance with the method of
valuation prescribed under section 145A of the Act and the
assessee has not added taxes and duties
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
added and same on opening stock is deducted as
provided u/s 145A of the Act. As per the working duly certified by tax
auditor ... appellant therefore submits that Rs. 17,09,894/- be deducted u/s 145A of
the Act.
4.3 The Ld. CIT(A) has further erred
deleting the addition of Rs.31,11,757/- made u/s. 145A of the
Act.
2). The Ld. Commissioner of Income-Tax (Appeals)-XIV, Ahmedabad ... assessee and made
addition of Rs. 31,11,757/- u/s. 145A and disallowed exemption of Rs.
43087175/- u/s. 10B.
7. Against the order
