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2014 (6) TMI 743 - AT - Income TaxValuation of closing stock - unutilized CENVAT credit – Provisions of section 145A of the Act not properly appreciated – Held that:- CIT(A) while deleting the addition has given a finding that Assessee was following exclusive method of excise duty and had already submitted the reconciliation statement along with the return of income - Assessee has correctly reconciled the position of valuation of stock as per the inclusive method and exclusive method as contemplated u/s 145A of the Act - perusal of reconciliation statement between the inclusive and exclusive method of accounting states that there was no impact on the net position of the profit of Assessee - the unutilized credit of CENVAT account was adjusted against the excise duty payable in respect of sales made – thus, the question of applicability of Section 43B becomes irrelevant - Revenue could not controvert the findings of CIT(A) by bringing any contrary material on record – thus, there was no reason to interfere with the order of CIT(A) – Decided against Revenue.
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