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TMI Blog2013 (8) TMI 180X X X X Extracts X X X X X X X X Extracts X X X X ..... ds lying in the closing stock at the end of the relevant accounting period had been paid in the subsequent year before the due date of filing of the return of income and that was how the amount was available considering the fact that the assessment had been framed and the show-cause notice was issued much after the close of the accounting year. The assessment year being 1997-98 the provisions of section 145A inserted by the Finance (No. 2) Act, 1998 with effect from April 1, 1999 could not be invoked - In favour of assessee. - ITA No 328/Ahd/2013 - - - Dated:- 24-5-2013 - Shri Mukul Kumar Shrawat J.M. And Shri Anil Chaturvedi, A.M.,JJ. For the Appellant : Shri Sumit Kumar D.R. For the Respondent : Shri Noman Siddiqui ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 145A inserted with effect from 1.04.1999 excise duty has to be added while valuing finished goods. He thus considered the amount of excise duty on finished goods not cleared from factory at Rs. 47.38 lacs and custom duty on stock lying at port at 46.51 lacs aggregating to Rs. 93,89,000/- and added it to the value of inventory. Aggrieved by the action of the Assessing Officer, Assessee carried the matter before CIT(A). CIT(A) after considering the submissions of the Assessee and relying on the decision of Ahmedabad Tribunal in the case of ITA 1358/Ahd/2009 allowed the appeal of the assessee by holding as under:- The appellant also pointed out that Hon'ble IT AT, Ahmedabad vide ITA No. 1358/Ahd/2009 has also concurred with a view that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stock on the first day of the next accounting period, namely, April 1, 1997. So the next year's profits would get depressed accordingly, over a period of time the whole exercise would even out, in other words, be revenue natural. At the same time while disturbing the value of the closing stock the assessing authority could not change the method of accounting regularly employed. [c] The assessment year being 1997-98 the provisions of section 145A of the Act inserted by the Finance (No. 2) Act, 1998 with effect from April 1, 1999 could not be invoked". [4.4] I have perused the assessment order and the written submissions made in this regard. Since the issue is squarely covered by the Jurisdictional 1TAT, I am of the view that no addition s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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