9911796707
TMI Blog2008 (4) TMI 211X X X X Extracts X X X X X X X X Extracts X X X X ..... revenue, assessee has got undue benefit by revaluation of opening stock – same issue is settled in favor of assessee in various judgments in which revenue appeal is dismissed – hence revenue appeal is also dismissed in instant matter - 385 of 2007 - - - Dated:- 10-4-2008 - SATISH KUMAR MITTAL and RAKESH KUMAR GARG JJ. Sanjiv Bansal, Advocate for the appellant-revenue. JUDGMENT The j ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 99. The return was processed under Section 143(1)(a) of the Act on 9.3.2000. During the course of assessment proceeding the Assessing Officer noticed that the MODVAT of Rs.50,060/-was available to the respondent. On 1.4.1998 which had not been included in the value of closing stock as on 31.3.1998. Instead the opening stock had been increased by that figure. The Assessing Officer held that the eff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2007, allowed the appeal of the assessee. 5. In support of his contentions, counsel for the revenue had contended that Section 145-A provides for valuation of the Closing Stock and it has not provided any adjustment to be made in the valuation of the opening stock. According to the learned Departmental Representative the assessee has got undue benefit by revaluation of the opening stock, which ..... X X X X Extracts X X X X X X X X Extracts X X X X
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