TMI Blog2011 (7) TMI 1365X X X X Extracts X X X X X X X X Extracts X X X X ..... earned CIT(Appeals) may be set aside and that of the AO be restored to the above extent. 2. Facts, in brief, as per relevant orders are that assessment in this case was completed u/s 143(3) of the Income-tax Act,1961[hereinafter referred to as the Act] on 9.7.2007 ,determining total income of ₹ 59,620/-. Thereafter it transpired that unutilized CENVAT/MODVAT credit of ₹ 13,67,447/- was not credited to Profit Loss account in terms of provisions of section 145A of the Act. Accordingly, the assessment was reopened under section 147 of the Act with the service of a notice u/s 148 of the Act on 2.4.2009. In response , the assessee submitted that return filed originally may be treated as return in response to notice u/s 148 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MODVAT or exclusive method'. It is explained that in the inclusive method the purchase of raw material debited in the books of accounts is inclusive of the corresponding MODVAT element .It is submitted that if the Appellant is following this method then the dosing stock has to be valued inclusive of MODVAT element. On the other hand, in the exclusive method the cost of raw material debited in the purchase account Is net of MODVAT element. In this system, the Appellant have a separate account for accounting for the excise duty payable and the MODVAT credit available to It. The Appellant submits that if the Appellant is following this method of accounting then the closing stock has to be valued exclusive of MODVAT element. It is ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t properly appreciated and considered various submissions, evidences and supporting placed on record during the course of the assessment proceedings and not properly appreciated various facts and law in its proper perspective. Appellant Most respectfully submits that this action of Id. AO In not appreciating various evidences placed before him and framing assessment order without referring to evidences placed before him is in breach of principles of natural justice and therefore deserves to be quashed. 4. In the light of aforesaid submissions and relying on decision dated 11- 9-2009 of the ITAT, Ahmedabad in the case of M/s.Alpanil Industries Vs. ACIT, in ITA Nos.169 170/Ahd/2005 , the ld. CIT(A) deleted the addition in the followin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee relied on the findings of the ld. CIT(A) . 6. We have heard both the parties and gone through the facts of the case. We find that the CIT(A) while deleting the addition merely relied upon the decision of the ITAT, Ahmedabad in the case of M/s. Alpanil Industries (supra). The ld. DR appearing before us did not place any material, controverting the aforesaid findings of the ld. CIT(A) nor brought to our notice any contrary decision. In these circumstances, we do not find any merit in the ground no.1 in the appeal. Consequently ground no.1 in the appeal is dismissed. 7. Ground Nos.2 and 3 being mere prayer nor any submissions having been made on these grounds, do not require any separate adjudication and are, therefore, dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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