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2015 (12) TMI 41 - AT - Income TaxValuation of closing stock - Scope of section 145A - inclusion of Excise duty and VAT to the value of closing stock, in a case where the Assessee is following exclusion method of accounting of Excise and VAT for valuation of stock - Held that:- Merely because the Central Government has not notified in the Official Gazette "accounting standards" to be followed by any class of assessees or in respect of any class of income, it cannot be stated that the Accounting Standards prescribed by the Institute of Chartered Accountants of India or the Accounting Standards reflected in the "guidance note" cannot be adopted as an accounting method by an Assessee. It further held that notwithstanding the fact that the opinion of the Chartered Accountants of India was expressed in the 'guidance note", which had not attend a mandatory status, would not be a ground to discard the books of accounts of the Assessee or the method of accounting followed. See Snehal Pharma Chem [2015 (2) TMI 151 - ITAT AHMEDABAD ] No addition on account of unutilized CENVAT Credit was called for in the present case. We thus dismiss the appeal of Revenue and allow the C.O of Assessee.
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