TMI Blog2020 (8) TMI 828X X X X Extracts X X X X X X X X Extracts X X X X ..... y: Smt. Samantha Mullumudi-Ld. DR ORDER Manoj Kumar Aggarwal, 1. These are cross-appeals for AY 2007-08 which contest the order of Ld. Commissioner of Income Tax (Appeals)-10, Mumbai [CIT(A)], Appeal No. CIT(A)-10/Addl. CIT(IT).Rg. 6(2)/IT-122/13-14 dated 20/02/2014 on certain grounds of appeal. 2. We have carefully heard the rival submissions and perused relevant material on record. The material on record would show that the assessee being resident corporate assessee stated to be engaged in manufacturing of various types of process gas compressors etc. was assessed u/s 143(3) r.w.s. 144C vide order dated 21/01/2011. In the said order, the assessee was saddled with certain Transfer Pricing (TP) Adjustments of ₹ 726 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e copy of the order has been placed on page no. 410 of the paper-book. Accordingly, the assessee, vide letter dated 08/11/2018, requested for withdrawal of ground nos. 1 to 6 of the appeal. We find that since the issue of TP adjustments has already attained finality by competent authorities with mutual agreement, the revenue s appeal as well as assessee s ground nos. 1 to 6 would not survive and accordingly, stand dismissed as being infructuous. We order so. 5.1 The only surviving ground in assessee s appeal is ground no.7 which read as under: - Ground No.7 Additions under Section 145A of the Act of ₹ 81,61,042/- 7. On the facts and circumstances of the case and in law, learned CIT(A) has erred in confirming addition of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ening stock should be increased by additions made in AY 2006-07 for ₹ 98.85 Lacs on closing stock. However, not convinced, Ld. AO chose to adopt the stand taken in AY 2006-07 and made net addition of ₹ 81.61 Lacs after providing adjustment in opening stock as proposed by the assessee in the alternative. 5.3 Upon further appeal, Ld.CIT(A) although observed that pursuant to directions of Tribunal for AY 2001-02 and pursuant to the directions of Ld. CIT(A) for AY 2005-06, Ld. AO accepted the re-casted Profit Loss Account in both these years, but confirmed the additions by observing that Ld.AO had already made necessary adjustment in the opening stock as well as in closing stock. Aggrieved, the assessee is in further appeal bef ..... X X X X Extracts X X X X X X X X Extracts X X X X
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