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TMI Blog2016 (7) TMI 962X X X X Extracts X X X X X X X X Extracts X X X X ..... .R.UDHWANI, JJ. FOR THE APPELLANT : MR KM PARIKH, ADVOCATE FOR THE OPPONENT : MR SN DIVATIA, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) By way of this appeal, the department has challenged the order dated 22/09/2016 made by the ITAT in ITA No.3184/Ahd/2002 for the assessment year 199798. 2. While admitting the appeal, following question of law was framed for consideration: Whether on the facts and in the circumstances of the case, the Tribunal was right in law in confirming the order of the CIT (A) whereby he deleted the addition of ₹ 8,67,671/in the value of closing stock towards excise duty? 3. Learned Counsel for the assessee has submitted that issue raised in this appeal is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0. On behalf of the Appellant Revenue reliance has also been placed on provisions of Section 145-A of the Act which has been inserted by Finance (No.2) Act, 1998 with effect from 1.4.1999. The Assessment Year being 1997-98 the said provision cannot be invoked. However even otherwise one may consider the Notes On Clauses and the Memorandum Explaining Provisions In Finance (No.2) Bill, 1998 which read as under (relevant extract): NOTES ON CLAUSES: Clause 45 seeks to insert a new section 145A in the Income-tax Act relating to method of computation of opening and closing stock. It is proposed that while computing the value of the inventory as on the 1st and last day of the previous year, the computation according to the met ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e statute book only from 1.4.1999. What is more material is that the same relates to inclusion in the value of inventory the amount of any tax, duty etc. paid or liability incurred for the same under any law in force. Meaning thereby such tax, duty, etc. should have been actually paid or should be actually due and payable under the law applicable to such tax, duty, etc. in force. Otherwise even section 145-A of the Act will also not carry case of Revenue any further. 31.Various judgments cited on behalf of the parties which have not been specifically referred to have been considered while rendering this judgment bearing in mind the salutary principle that a judgment is an authority for what is actually decided and the observations mad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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