TMI Blog2017 (9) TMI 1753X X X X Extracts X X X X X X X X Extracts X X X X ..... ta Brampton Engg. Pvt. Ltd.[2016 (10) TMI 694 - ITAT AHMEDABAD] Before us, Revenue has neither controverted the finding of CIT(A) nor has placed any contrary binding decision in its support. We further find that the Hon'ble Apex Court in the case of Indo Nippo Chemicals [2003 (1) TMI 8 - SUPREME COURT] has held that unavailed MODVAT credit cannot be construed as income and there is no liability to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t despite the fact that the assessee had followed exclusive method of accounting in contravention of the provisions of Section 145A. 3. At the time of hearing before us, learned representatives fairly agree that the above grievance is covered, in favour of the assessee, by the decision dated 31.08.2016 of the Co-ordinate Bench of this Tribunal in the case of ITO vs. Mamata Brampton Engg. Pvt. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the effect of including excise duty in valuation of closing stock does not affect the profit and is Revenue neutral. He has further relied on the decision of Hon'ble Gujarat High Court in the case of Narmada Chematur Petrochemicals Ltd.(supra). Before us, Revenue has neither controverted the finding of ld.CIT(A) nor has placed any contrary binding decision in its support. We further find ..... X X X X Extracts X X X X X X X X Extracts X X X X
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