TMI Blog2016 (7) TMI 933X X X X Extracts X X X X X X X X Extracts X X X X ..... ch was declared under the VDIS Scheme. The reconstructed trading account as stated in the submission of the appellant clarifies the position in this regard. It is therefore held that necessary effect to the VDIS declaration has since been given in the case of the appellant and no further addition on this account during the assessment year under consideration is called for. Addition is therefore de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw in upholding the addition of ₹ 9,44,771/- towards adjustment entry of closing stock valuation as a consequential effect to the accepted VDIS proceedings in A.Y. 1997-98? 2. The appellant is a firm being regularly assessed to tax by the I.T.Office, Vadodara. For the A.Y 1998-99, return of income was filed which was thoroughly processed by the Income tax Department under scrutiny asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l question of law. 4. Mr. B.D. Karia, learned advocate appearing with Mr. Darshan Patel, learned advocate on behalf of Mr. R.K. Patel, advocate for the revenue submitted that the Tribunal failed to appreciate that the disputed amount of ₹ 9,44,771/- was in respect of prior period adjustments in connection with the preceeding assessment year since the corresponding increase in stock in tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 9,44,771/-. He submitted that the assessee could not prove that the said amount was shown as investment in the closing stock by way of assets. 6. Having heard learned advocates for both the sides and having gone through the records of the case, we are of the view that the CIT(A) is justified in deleting the addition. The CIT(A) in para 3.3 of its order has observed as under: 3.3 I h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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