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2016 (3) TMI 115 - AT - Income TaxAddition with respect to unutilized balance of MODVAT credits - inclusion of excise duty to the value of closing stock - Scope of section 145A - 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. As relying on ACIT vs. M/s. Kiran Industries Pvt. Ltd. [(12) TMI 41 - ITAT AHMEDABAD] no addition on account of unutilized MODVAT credit is called for in the present case - Decided in favour of assessee
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