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TMI Blog2014 (3) TMI 403X X X X Extracts X X X X X X X X Extracts X X X X ..... R Per B. R. Mittal, JM: The assessee has filed this appeal for assessment year 2007-08 against order of ld. Commissioner of Income Tax(A) dated 12.12.2011. 2. Ground No.1 of the appeal taken by assessee is as under : "1. On the facts and in the circumstance of the case and in law, the CIT(A) (A) erred in upholding the action of AO in disallowing provision for outstanding expense amounting to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as written back on 31.3.2011. Therefore total amount of Rs.8,67,820/- (Rs.6,66,480 +Rs.2,01,340), the liability has not been ascertained and quantified till the finalization of books of account. 5. At the time of hearing, ld. AR referred page 31 of the paper book which contains the details of the total amount of Rs.42,03,972/-, the amount disallowed by AO and the assessee made the provisions. How ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lready followed the method of valuation prescribed under section 145A of the Act and accordingly there was no question of making any further addition in respect of unutilized MODVAT" 7. We observe that the AO has stated that there was unutilized modvat credit of Rs.5,46,729/- as on 31.3.2007 and added the same to the closing stock. The ld. CIT(A) has stated vide para 4.1 of the impugned order tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the paper book and submitted that the assessee has also not included in the purchases excise duty and sales tax and if the unavailed modvat credit is to be included in the closing stock, the said excise duty and sales tax etc have to be included in the purchases. The assessee at page 32 has placed chart giving details of the opening stock, purchases, increase in stock and raw material as on 31.3.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance of the case and in law, the appellant prays that the AO be directed to determine the brought forward unabsorbed depreciation allowance available to be carried forward to assessment year 2007-08 by considering the order of the CIT dated 30.3.2011 passed under section 264 of the Act for the AY 2006-07" 12. At the time of hearing, ld. AR submitted that the said ground is not press for. Hence, G ..... X X X X Extracts X X X X X X X X Extracts X X X X
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