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2015 (1) TMI 963 - AT - Income TaxUnutilised Modvat Credit added to Closing Stock - Held that:- As the assessee has given the impact of the adjustment of Modvat Credit to the Profit & Loss Account for the year under consideration. In our opinion, in the interest of justice matter should be restored back to the file of the AO for fresh adjudication. He is directed to decide the issue after considering the order of the Tribunal dated 22. 05. 2013 and the decision of the Hon'ble jurisdictional High Court in the case of Mahalakshmi Glass Works (P) Ltd. (2009 (4) TMI 182 - BOMBAY HIGH COURT) - Decided in favour of assesse in part. Disallowance of deduction u/s. 80HHC - Held that:- In the absence of any profit available to the assessee from exports, the benefit of deduction under section80 HHC was rightly not available. In our considered opinion the ld CIT(A)was justified in rejecting the ground of the assessee on the claim of deduction under section 80HHC in the absence of any eligible profit. - Decided in fvaor of assessee. Provision for doubtful debts for purpose of calculating book profit u/s. 115 JB - Held that:- FAA had directed the AO make verification about the liabilities claimed by the assessee. He held that if the liabilities were ascertainable, he should allow the deduction and not otherwise. It was duty of the assessee to prove before the AO that the liabilities in question were not unascertainable. The assessee before us has not demonstrated as to how he proved his claim before the AO. So, we are of the opinion that the order of the FAA does not suffer from any legal infirmity. - Decided against assessee. Transfer Pricing adjustment - Held that:- The assessee has adopted that external CUP method, that it relied upon the Bhun database, that the FAA had partly allowed the appeal filed by the assessee. Considering the peculiar facts and circumstances of the case, we are remitting the issue of TP adjustment to the file of the AO for fresh adjudication. - Decided in favour of assessee for statistical purposes. Delay in depositing contribution to Provident Fund (PF)account under both the categories-i. e. Employer’s contribution and Employees’ contribution - Held that:- Even if some of the payments were made late but within the grace period no disallowance should be made. - Decided in favour of assessee.
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