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2016 (5) TMI 961 - AT - Income TaxClaim of deduction u/s. 80IB(4) - Held that:- If the valuation of closing stock made by the ld. CIT(A) is accepted, there is a net loss as computed by the ld. CIT(A) and, therefore, the claim of deduction u/s. 80IB(4) would be only of academic interest Addition u/s 68 - Held that:- The additions made by the A.O, being difference between the profit credited by the assessee and the loss determined by the A.O as per his own valuation of closing stock is illogical and without any reasoning. Merely because as per the computation of the A.O, there is a loss and the assessee has shown profits in its statement of account, the difference would not become unexplained cash credit which can be added u/s. 68 of the Act. The ld. CIT(A) has rightly deleted the impugned addition, we do not find any error or infirmity in the findings of the ld. CIT(A). Excise Duty refund - capital or revenue receipt - Held that:- As we find that in earlier years, the Excise Duty refund has been treated as a capital receipt which has been confirmed by the Hon’ble High Court of J & K which has been followed by the First Appellate Authority; therefore, no interference is called for.
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