Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (6) TMI 1128 - AT - Income TaxRecomputation of the value of closing work-in-progress by attributing interest proportion to the work-in-progress - Held that:- The issue arising in the present appeal is identical to the issue before the Tribunal in assessment years 2004-2005 and 2005-2006. The AO in the year under appeal, in turn, following the decision made in assessment years 2002-2003, 2004-2005 and 2005-2006 had recomputed the valuation of work-in-progress at the close of the year resulting in addition of ₹ 6,91,723 in assessment year 2006-2007 and ₹ 6,37,882 in assessment year 2007-2008. Since the issue arising in the present appeal is identical to the issue before the Tribunal in assessee’s own case in assessment years 2004-2005 and 2005-2006, following the same parity of reasoning, we uphold the order of the CIT(A). Thus, the appeals filed by the Revenue for both the years are dismissed because of low tax effect and also because of the issue being covered by the earlier years of the Tribunal.
|