TMI Blog2017 (12) TMI 1562X X X X Extracts X X X X X X X X Extracts X X X X ..... the purchases would have to be adjusted for the duty/tax credits and correspondingly unconsumed stock of materials would also be valued at billed cost - parity is to be maintained - thus even if inclusive method of accounting is followed there would not have been any impact on the profit - appeal filed by revenue is dismissed - Decided in favor of assessee. - ITA No.505/Ahd/2015 - - - Dated:- 11- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rved upon the assessee. During the course of scrutiny assessment proceedings, the Assessing Officer noticed that the assessee has shown the amount receivable on account of unutilised/closing balance on account of MODVAT/CENVAT credit in the tax audit report. The Assessing Officer noticed that the same was not included in the value of closing stock. Invoking provisions of section 145A of the Act th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... artmental Representative strongly supported the findings of the Assessing Officer. Per contra, learned Counsel for the assessee reiterated what has been stated before the lower authorities. 7. We have carefully considered the orders of the authorities below. We find force in the contention of the learned counsel for the assessee. The assessee has been consistently accounting for the raw materia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clusive method of accounting has been followed by the assessee, there would not have been any impact on the profit of the assessee for the assessment year under consideration. 8. Considering the fact in totality, we do not find any reason to interfere with the findings of the CIT(A). 9. In the result, appeal filed by the Revenue is dismissed. (Order pronounced in the open Court on this 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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