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2014 (7) TMI 331 - AT - Income TaxValuation of closing stock - Addition of unutilized CENVAT credit Contravention to Sec. 145A of the Act - Method of accounting Held that:- CIT(A) while granting partial relief to Assessee has noted that Assessee was following inclusive method of accounting for valuation of stock in earlier years but had changed the method in the year under consideration by following exclusive method for valuation of stock - By changing the method of accounting, the value of opening stock, cost of goods sold and raw material and finished product lying in closing stock will have to be changed - After perusing the working due to changed method of accounting, CIT(A) confirmed the addition to the extent of ₹ 24,709 - the Revenue could not controvert the findings of CIT(A) thus, there was no reason to interfere with the order of CIT(A) Decided against Revenue.
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