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If assessee fails to include modvat credit in closing stock value, AO not right in making additions on this ground U/s. 145A
Case Law Details
- Case Name
- DCIT Vs M/s Axis Electrical Components (I) Pvt Ltd (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006- 07
- Courts
- ITAT Mumbai
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DCIT, Mumbai Vs M/s Axis Electrical Components (I) Pvt Ltd (ITAT Mumbai)– if adjustments had to be made to the closing stock, in the same token value of purchase/sale of goods and inventory had to be further adjusted to include the amount of tax, duty, cess etc. and even opening stock has to be recomputed in terms of section 145A of the Act, in which event there is no change in the end result and no case was made out by the Assessing Officer to make an addition. Even u/s. 43B of the Act so long as taxes were paid before the due date of filing of return of income addition cannot be made...
