Inclusion of ‘closing amount of Modvat’ in closing stock without modifying figures of purchases, sales & opening stock not justified

IN THE ITAT MUMBAI BENCH ‘D’ R.R. Kabel Ltd. versus Additional Commissioner of Income-tax, 7(2), Mumbai IT APPEAL NOS. 1292 & 2106 (MUM.) OF 2011 [ASSESSMENT YEAR 2007-08] MAY 2, 2012 ORDER Dinesh Kumar Agarwal, Judicial Member These cross appeals by assessee and Revenue are directed against the order dated 30.12.2010 passed by the ld. CIT(A) for the Assessment Year 2007-08. Both these appeals are disposed of by this common order for the sake of convenience. 2. Briefly stated facts of the case are that the assessee company is engaged in the business of manufact...