Increasing Value of Closing Stock of Raw Materials and Packing Materials Unutilized Balance of Modvat: ITAT directs Readjudication [Read Order]

Increasing value of closing stock of raw materials - packing materials unutilized balance of Modvat - ITAT directs readjudication - taxscan

The Income Tax Appellate Tribunal (ITAT) Mumbai bench directs readjudication related to the action of  Assessing Officer for increasing the value of closing stock of the assessee during the assessment proceedings by an amount being unutilised Modvat. Assessee, Hindustan Unilever Limited is a company engaged in the manufacture, trading and marketing (including export) of fast moving…

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