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TMI Blog2011 (2) TMI 1442X X X X Extracts X X X X X X X X Extracts X X X X ..... s is an appeal filed by the Revenue directed against the order of the CIT(Appeals)-IX, Mumbai dated 05-05-2008 on the following grounds: 1. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in deleting addition of ₹ 13,85,463/- made by the Assessing Officer on account of adjustment in the value of closing stock u/s 145A of the I.T. Act by erroneously r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 8,80,470/- made by the Assessing Officer u/s 14A of the I.T. Act (being 0% of the dividend income of ₹ 88,04,700/-) to ₹ 4,67,936/-. 2. None appeared on behalf of the assessee. There is neither any application for adjournment. Under these circumstances, we dispose of the case exparte on merits qua the assessee, after hearing the learned DR. 3. Heard Mr. Hari Govind Singh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct of modvat as per the provisions of section 45A. However, the AO has ignored the fact that the appellant is following consistently same method for valuing opening and closing stock. Keeping in view, the appellant s submission and the audited statement, I direct the AO to delete the addition. This ground of appeal is allowed. We find no infirmity in these findings of the CIT(Appeals). 5. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 06, in view of the judgment of the jurisdictional High Court in the case of Godrej Boyce Manufacturing Co. Ltd. (2010) 234 CTR (Bom) 1. As the assessee has not disputed this disallowance, we find no infirmity in the order of the CIT(Appeals). Accordingly we dismiss this ground of the Revenue 7. In the result, the appeal of the Revenue is dismissed. Order pronounced in the open court on 25th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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