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TMI Blog2011 (6) TMI 823X X X X Extracts X X X X X X X X Extracts X X X X ..... O R D E R Per Pramod Kumar: 1. By way of this appeal, the Assessing Officer has called into question correctness of CIT(A)'s order dated 16th February,, 2010, in the matter of assessment under section 143(3) of the Income tax Act, 1961, for the assessment year 2005-06 on the following ground: "On the facts and in the circumstances of the case and in law, the ld CIT (A) erred in deleting additio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rchases. Therefore, the balance of ₹ 16,27,533 is not includible in closing stock as purchases of steel and stores are already reduced from gross cost. The explanation of the assessee was not acceptable to the Assessing officer. The AO was of the view that similar issue had arisen in the earlier years and the addition has been sustained by the CIT(A). Therefore, following the same, he mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ely covered by the coordinate bench's decision in assessee's own case in the immediately preceding assessment year 2004-05, wherein the Tribunal, following the decision for A.Y. 2002-03, in similar issue, has, inter alia, observed as follows: "………We find that the issue of addition u/s.145A of the Act on account of unutilized CENVAT credit is covered in favour of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... act on the profits of the year under consideration because the same amount would be added to the closing stock and to the purchases/opening stock as the case may be. Although this should be done in view of specific provisions of sec.145A, however, to avoid the multiplicity of proceedings having no impact on the ultimate profit shown by the assessee, we dismiss this ground of the revenue.' We bein ..... X X X X Extracts X X X X X X X X Extracts X X X X
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