TMI Blog2008 (5) TMI 238X X X X Extracts X X X X X X X X Extracts X X X X ..... l, it would not amount to income which is liable to be taxed under the Income Tax Act – tribunal was right in deleting the additions made on above ground - 21 of 1999 - - - Dated:- 7-5-2008 - D.A. MEHTA and Z.K. SAIYED JJ. Manish R Bhatt for the Commissioner. Swati Soparkar for the respondent. JUDGMENT The judgment of the court was delivered by D.A.MEHTA J. - The Income Tax A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liable to tax because the assessee had nor utilised the credit for payment of excise duty of adjusted the same against the purchase. 3. In the appeal filed by the assessee, Commissioner (Appeals) followed Calcutta Bench decision in the case of M/s. Berger Paints India Limited and allowed the appeal. The Tribunal has confirmed the order of Commissioner (Appeals). 4. Heard Learned Senior St ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the purchase price minus Modvat credit. This method was also adopted by them while valuing the unconsumed raw materials and the work-in-progress at the end of the year. We, therefore, do not think that their method of valuation was wrong. The Assessing Officer adopted the 'gross method' at the time of purchase, and the 'net method' of valuation at the time of valuation of the stock on hand. By ..... X X X X Extracts X X X X X X X X Extracts X X X X
|