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2012 (6) TMI 649 - ITAT, MUMBAIAddition on account of change in the method of valuation of closing stock - valuation of TV serials – assessee, after first exploitation, has expended 90% and valued the closing stock @ 10%. After second exploitation, the assessee was valuing the TV serials @ nil - valuation is changed and the assessee has come to a conclusion that after the second exploitation, the valuation of the TV serial should be @ 3.33% - Held that:- assessee is continuing to follow the same recognized method of accounting - What is changed is the value that has to be assigned to a particular product i.e., a news programme or TV serials subsequent to exploitation of the same - there is no such undervaluation and the assessee had undertaken a bonafide exercise – the valuation of a news programmes done by the assessee subsequent to the first exploitation at 'nil' is a bonafide valuation. - In favor of assessee. Disallowance made under section 14A – stated by the appellant with evidence that the borrowed money has not been utilized for the purpose of the investment in shraes - ACIT had failed to prove that there was nexus between the borrowed money and the investment – Held that:- Disallowance made under section 14A, deleted and the ground raised by the assessee is allowed. Employees contribution of PF and employer’s contribution to PF - payments were made before the due date of filing the return – Held that:- payments are not only before the close of accounting financial year but also much before the due date for filing the return of income - in the case of employees’ contribution towards provident fund, the same should be allowed even though it is paid beyond the grace period, if the same is paid before the time allowed for filing the return of income – In favor of assessee.
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