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2012 (8) TMI 521 - AT - Income TaxAddition u/s 68 on account of share application money and cash creditors - assessee requested for one more opportunity with a promise to furnish the details relating to the identity, creditworthiness and genuineness of the transactions regarding cash creditors as well as share application money - Held that:- In the interest of justice, we set aside all the grounds raised in the appeal to the file of the AO with a direction to adjudicate the same afresh - Decided in favor of assessee for statistical purposes. Valuation of Closing stock - addition - inclusion of Excise Duty in valuation - AO contended that liability to excise duty was an ascertained liability not eligible for deduction u/s 43B - Held that:- CIT(A) rightly observed that even if such excise duty as is payable on the uncleared goods is added under the provisions of section 145A and payment of excise duty in respect of such enhanced value of closing stock is not allowed as per sec. 43B, such unilateral treatment would throw out unrealistic picture of the profits during the year. No infirmity found in the order of the CIT(A) directing the AO to delete the addition - Decided against Revenue
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