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2018 (12) TMI 1132 - AT - Income TaxDisallowance u/s 14A - Held that:- Delhi High Court in the case of Cheminvest Ltd. v. CIT [2015 (9) TMI 238 - DELHI HIGH COURT], no expenses can be disallowed u/s 14A as the assessee has not earned any exempt income. Same view has been taken by the Hon’ble Bombay High Court in the case of Pr. CIT v. Ballarpur Industries Ltd. [2016 (10) TMI 1039 - BOMBAY HIGH COURT]. We, therefore, deleted the disallowance sustained by the Ld. CIT(A).- Decided in favour of assessee Addition on account of cenvat credit in valuation of Stock - Held that:- Similar issue arose before the ITAT ‘E’ Bench, Mumbai in assessee’s own case for AY 2008-09 [2017 (9) TMI 726 - ITAT MUMBAI] held since the issue involved related to the valuation of the closing stock in respect of raw material, the question of any disallowance u/s 43 B will also not arise. We have already held that the profit of the assessee cannot be effected if the assessee followed the inclusive method of accounting or the exclusive method of accounting because in any case the stock is increased to that extent the debit side in the P & L account which will be increased by the increase in value of opening stock as well as the cost of the purchase due to the inclusion of the excise duty incurred by the assessee at the time of the purchase of the raw materials - decided in favour of assessee
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