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2016 (6) TMI 900 - GUJARAT HIGH COURT

2016 (6) TMI 900 - GUJARAT HIGH COURT - TMI - Reopening of assessment - assessee ought to have included CENVAT and VAT amounts lying in balance in the accounts of the assessee for the purpose of valuation of closing stock - Held that:- As during assessing process itself, the assessee had pointed out the method of accounting which was exclusive of excise duty and other taxes. The Assessing Officer had not made any additions on this ground. Permitting re-opening would be on mere change of opinion. .....

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I and MS VAIBHAVI K PARIKH, ADVOCATE FOR THE RESPONDENT : MR SUDHIR M MEHTA, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) The petitioner has challenged the notice dated 27.2.2015 issued by the respondent Assessing Officer under which he seeks to re-open the assessment order for the assessment year 20-11-2012. For issuing such notice, the Assessing Officer has recorded reasons which read as under: On verification of case records, it was noticed from P/L account 3CD annexure a .....

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As assessee is showing purchase and sale of goods net of CENVAT and VAT, CB of CENVAT and VAT was required to be added for arriving value of closing stock of finished goods and raw materials and OB of MODVAT credit was required to be added for arriving Opening stock of finished goods and raw materials as prescribed u/s 145 of the Act and failure to do so resulted into undervaluation of ₹ 2,68,84,151/-. In view of the above, I have no reason to believe that income of ₹ 2,26,84,151/- .....

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ment year. 3. The learned advocate attacked notice on two grounds. Firstly, that the issue of value of opening and closing stock of the petitioner was examined by the Assessing Officer in the original scrutiny assessment and secondly, that in any case, the issue was revenue neutral. Whether opening and closing stocks are followed inclusive of CENVAT and VAT or exclusive thereof would not change the assessee's tax liability. 4. From the reasons recorded, we may notice that according to Assess .....

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In response to the notice dated 14.12.2012 issued by the Assessing Officer, the petitioner had inter alia conveyed as under: 1. We are adopting exclusive method for accounting of excise duty and claiming cenvat of the excise duty. 2. There were changes in Excise Tariff during the year under consideration. The date wise changes in the Excise Tariff for current year as well as in the preceding Asst. Year 2009-10 the detail are attached herewith as Annexure #1. 3. There was a downtrend in payment .....

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