9911796707
TMI Blog2015 (9) TMI 804X X X X Extracts X X X X X X X X Extracts X X X X ..... ion: "(a) Whether on the facts and in the circumstances of the case, the Tribunal, in law, was right in allowing the claim of the assessee on account of delayed payments of P.F. of employee's contribution amounting to Rs. 3,50,31,650/- by relying on the decision of the Supreme Court in the case of CIT Vs. Alom Extrusion Ltd. (319 ITR 306)? (b) Whether, on the fact and in the circumstances of the case and in law, the Tribunal was justified in deleting the addition of Rs. 6,81,25,800/made by the A.O. being direct expenses added to the value of closing stock on estimate basis by the A.O. u/s 145A of the Income Tax Act, 1961?" 3. So far as Question (a) is concerned, this Court by an order dated 7 May 2015 had dismissed it by following ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Counsel, we take up Question (b) as proposed for consideration. 5. For the Assessment Year 2008-09, the Assessing Officer found that the Audit Report indicated that direct expesnes had not been considered while computing the value of closing stock. Thus the Assessing Officer invoked Section 145A of the Act and enhanced value of closing stock as direct expenses incurred such as freight, etc. had not been included to arrive at valuation of the closing stock. The Assessing Officer enhanced the value of the closing stock on estimated basis of 2% of the value of closing stock in the his Assessment Order dated 29 December 2010. 6. Being aggrieved, the respondentassessee filed an appeal to CIT(A). The CIT(A) on examination found that value of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imated expenses to arrive at the appropriate valuation of the closing stock. It is further submitted that each assessment has to be considered on the facts arising in the case for that assessment year and undue reliance should not be placed upon the orders passed in respect of an earlier assessment year. Therefore, it is submitted the appeal be admitted on Question (b) as it raises a substantial question of law. 9. We find that the CIT(A) has rendered a finding of fact in the subject assessment year that the valuation of closing stock includes direct expenses such as freight charges incurred on them and are duly supported by the material receipt vouchers. This finding of fact was upheld by the Tribunal by also relying upon it's own ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
