During assessment, PRL’s preemptive adjustment regarding closing stock in A.Y. 2001-02, accepted by the AO, led to a net increase in unutilized MODVAT credit, upheld by the CIT (A)
The Income Tax Appellate Tribunal ( ITAT ) in Mumbai has directed re-adjudication regarding the addition of Rs. 207 crores on increase in the value of closing stock by the Piramal Enterprises. In the given case, the company argued that the Commissioner of Income Tax (Appeals) [CIT (A)] erred in instructing the Assessing Officer (AO)…
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