Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (5) TMI 583 - ITAT, MUMBAIAddition to closing stock on account of unutilized cenvat credit - Disallowance u/s. 40A(2)(b) - Held that:- CIT(A) extracted the order of his Predecessor in assessee's own case for earlier years wherein it was stated that procedure prescribed in section 145A is mandatory but while applying procedure prescribed therein value of opening stock, purchases, sales as well as closing stock are required to be adjusted, in which event there is no impact on profit - Decided in the favour of assessee Bad debts claim - Held that:- Assessee has already offered sale proceeds as income in the earlier year and therefore sum written off in this year is allowable as deduction u/s. 36(1)(vii) of the I.T. Act - Decided in the favour of assessee Deduction u/s 40A(2)(b) - Held that:- CIT(A) has given categorical finding that there is no evidence on record to prove that excess payments were made, so as to invoke provisions of section 40A(2)(b). No evidence whatsoever was placed on record by DR to contradict the findings of CIT(A). in assessee's own case for the earlier years wherein on identical circumstances disallowance made by the Assessing Officer by invoking provisions of section 40A(2)(b) was deleted - Decided in the favour of assessee
|