Erstwhile Sesa Industries Limited, Panaji V. Addl. Commissioner of Income Tax Range-1, Panaji

ITA 101/PAN/2014

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 88713 (ITAT-PANAJI)
• Duration Of Justice: 9 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-01-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Next Hearing Date: 20-01-2015
• Assessment Year: 2006-2007
• Appeal Filed On: 21-03-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R DURAI
• Section: 43B; 145

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI P. K. BANSAL, HONBLE ACCOUNTANT MEMBER AND SHRI D.T. GARASIA, HONBLE JUDICIAL MEMBER ITA N O . 101 /PNJ/201 4 : (A.Y 2006 - 2007 ) M/S. SESA INDUSTRIES LTD., C/O. M/S. SESA STERLITE LTD., SESA GHOR, 20 EDC COMPLEX, PATTO, PANAJI, GOA ( APPELLANT) PAN : AACCS7100A VS. ADDL. COMMISSIONER OF INCOME TAX RANGE - 1, PANAJI, GOA (RESPONDENT) ASSESSEE BY : VIJAY GUPTA, V.P (TAXATION) BENECIO MENEZES, AGM(TAXATION) REVENUE BY : R. DURAI PANDIAN, LD. DR DATE OF HEARING : 20 / 01 /201 5 DATE OF ORDER : 20 / 01 /201 5 O R D E R PER P.K. BANSAL : 1. THIS APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST THE ORDER OF CIT(A) DT. 16.12.2013 BY TAKING THE FOLLOWING EFFECTIVE GROUNDS OF APPEAL : 1. THE LEARNED CIT(A) ERRED IN UPHOLDING THE ADDITION OF RS.32,29,135/ - MADE BY THE A.O. PURPORTEDLY AS ADJUSTMENT REQUIRED TO BE MADE U/S.145 - A OF THE ACT TO THE CLOSING STOCK OF THE STORE - HOUSE MATERIAL, BECAUSE OF THE UNUTILISED CENVAT CREDIT IN THE ACCOUNTS. THE LEARNED CIT(A) OUGHT TO HAVE APPRECIATED THAT THE APPELLANT HAD VALUED ITS STOCK ON THE BASIS OF THE METHOD OF ACCOUNTING REGULARLY EMPLOYED, AS PER THE ACCOUNTING STANDARD OF THE ICAI; AND FURTHER THAT THE ADJUSTMENTS REQUIRED U / S.1 45 - A, IF ANY, WOULD HAVE A NIL EFFECT ON THE PROFITS OF THE APPELLANT. 2 . ASSUMING THAT THE ADJUSTMENTS WERE REQUIRED TO BE MADE TO THE CLOSING STOCK OF STORE - HOUSE MATERIAL TOWARDS THE UNUTILISED CENVAT CREDIT IN RESPECT OF THE STORE - HOUSE MATERIAL, TO GIVE EFFECT TO THE PROVISIONS OF SECTION 145 - A OF THE ACT, THE LEARNED 2 ITA NO. 101/PNJ/2014 (A.Y : 2006 - 07) CIT(A) ERRED IN UPHOLDING THE ADDITION TO THE EXTENT OF THE BALANCE CENVAT CREDIT REMAINING UNTILISED IN RESPECT OF THE SERVICE TAX AN D CAPITAL GOODS. THE APPELLANT SUBMITS THAT THE CIT(A) IN ANY CASE OUGHT NOT TO HAVE UPHELD THE ADDITION TO THE EXTENT OF THE BALANCE AMOUNTS OF CENVAT CREDIT AVAILED IN RESPECT OF THE SERVICE TAX AND THE EXCISE DUTY ON CAPITAL GOODS AND REMAINING UNUTILI SED, SINCE THE SAID BALANCE OF THE CENVAT CREDIT DID NOT RELATE TO THE INVENTORY OF STOREHOUSE MATERIAL. 3. THE LEARNED CIT(A) ERRED IN UPHOLDING THE A.O. REJECTING THE APPELLANTS ALTERNATIVE CLAIM THAT IF THE SAID UNUTILISED CENVAT CREDIT BALANCE OF RS. 32,29,135/ - WAS REQUIRED TO BE ADDED BACK AS ADJUSTMENT TO THE PROFIT U/S.145 - A OF THE ACT, THEN THE SAID AMOUNT OUGHT TO BE ALLOWED AS A LIABILITY OF UNPAID DUTIES AND DEDUCTED U/S.43 - B OF THE ACT. THE A.O. HAD REJECTED THE SAID ALTERNATIVE CLAIM OF THE A PPELLANT, ON THE ALLEGED REASONING THAT THE SAID UNUTILISED BALANCE OF THE CENVAT CREDIT COULD NOT TANTAMOUNT TO AN ACTUAL PAYMENT HAVING BEEN MADE THAT WOULD BE ELIGIBLE FOR DEDUCTION U/S.43 - B OF THE ACT. THE LEARNED CIT(A), ON THE BASIS OF THE DETAILS P ROVIDED BY THE APPELLANT AT THE TIME OF THE HEARING OF THE APPEAL, OUGHT TO HAVE APPRECIATED THAT THE WHOLE OF THE UNUTILISED BALANCE OF THE CENVAT CREDIT WAS UTILISED AGAINST THE EXCISE DUTY PAYMENT DURING THE PERIOD 1.4.2006 TO 30.11.2006, I.E. BEFORE TH E DUE DATE APPLICABLE FOR THE FURNISHING THE RETURN OF INCOME, AND THAT THE SAID UTILISATION OF CENVAT CREDIT OUGHT TO HAVE BEEN CONSIDERED BY HIM AS ACTUAL PAYMENT, AS PROVIDED IN THE PROVISO TO SECTION OF 43 - B THE ACT. 2. THE ONLY ISSUE INVOLVED IN THI S APPEAL RELATES TO THE ADDITION OF RS.32,29,135/ - ON ACCOUNT OF PROVISION OF SEC. 145A IN RESPECT OF UNUTILIZED CENVAT CREDIT AND CORRESPONDING CLAIM OF THE ASSESSEE U/S 43B. 3. THE BRIEF FACTS OF THE CASE ARE THAT THE AO DURING THE COURSE OF THE ASSESSMENT PROCEEDINGS NOTED THAT THE ASSESSEE HAD CENVAT CREDIT OF RS. 27,93,262/ - AT THE BEGINNING OF THE ASSESSMENT YEAR I.E. 1.4.2005 AND AT THE END OF THE ASSESSMENT YEAR IT WAS RS.60,22,337/ - . THE ASSESSEE HA S NOT INCLUDED CENVAT CREDIT TO THE OPENING AND CLOSING STOCK AND HAS SHOWN UNUTILIZED CENVAT CREDIT ON THE ASSET SIDE OF THE BALANCE SHEET AS PART OF THE ASSETS WITH EXCISE AUTHORITIES. THE AO WAS OF THE OPINION THAT THIS IS NOT IN ACCORDANCE WITH THE PR OVISIONS OF SEC. 145A , THEREFORE, HE ASKED THE ASSESSEE TO EXPLAIN AS TO WHY 3 ITA NO. 101/PNJ/2014 (A.Y : 2006 - 07) THE VALUE OF THE OPENING AND CLOSING STOCK SHOULD NOT BE ADJUSTED TO INCLUDE THE VALUE OF THE UNUTILIZED CENVAT CREDIT AS PER THE PROVISIONS OF SEC. 145A OF THE INCOME TAX ACT, 19 61. THE ASSESSEE SUBMITTED THE BREAK - UP OF CENVAT CREDIT AS UNDER : OPENING BALANCE CLOSING BALANCE DIFFERENCE AS ADDED TO INCOME* CONSUMABLES 705,042 582,586 (122,456) SERVICE TAX 15,89,496 20 , 65,735 4,76,239 SUB - TOTAL (RG 23A ) 22,94,538 26,48,321 3,53,783* CENVAT CREDIT ON CAPITAL GOODS (RG23C) 498,664 3374016 2875,352* GRAND TOTAL 27,93,202 60,22,337 32,29,135* THE ASSESSEE SUBMITTED THAT IN CASE THE UNUTILIZED CENVAT CREDIT IS ADDED TO THE OPENING AND CLOSING STOCK THE SAME AMOUNT HAS TO BE ALLOWED U/S 43B AS THE AMOUNT HAS BEEN PAID BEFORE THE DATE OF FILING OF THE RETURN OF INCOME BUT THE AO DID NOT AGREE WITH THE ASSESSEE AND MADE THE ADDITION U/S 145A AMOUNTING TO RS. 32,29,135/ - . THE ASSESSEE WENT IN APPEAL BEFORE THE CIT(A). CIT(A) SUSTAINED THE ORDER OF THE AO BY HOLDING AS UNDER : 4.4. I HAVE GONE THROUGH THE ASSESSMENT ORDER AND THE CONTENTIONS OF THE APPELLANT. DURING THE COURSE OF APPELLATE PROCEEDINGS, THE APPELLANT HAS REPEATED THE SAME ARGUMENTS AS PUT FORTH BEFORE THE A.O. DURING ASSESSMENT PROCEEDINGS. MAIN ARGUMENT OF THE APPELLANT IS THAT IT IS FOLLOWING THE METHOD OF VALUATION OF CLOSING STOCK REGULARLY AND THEREFORE, THERE IS NO LOSS OF REVENUE T O THE GOVERNMENT. THE A.O. HAS DEALT WITH THIS ARGUMENT OF THE APPELLANT IN DETAILS IN THE ASSESSMENT ORDER. EVEN AT THE COST OF REPETITION, I FIND IT IMPORTANT TO QUOTE FROM THE ASSESSMENT ORDER: THE ISSUE WILL NEED TO BE VIEWED IN LIGHT OF THE STATUTORY PROVISIONS AND THE RELEVANT CIRCULARS PRESCRIBED RELATING TO THE TREATMENT TO BE METED OUT TO ANY EXPENDITURE INCURRED BY AN ASSESSEE TOWARDS PAYMENT OF THE TAX, CESS, FEE, ETC. IN THE INVENTORY O F FINISHED GOODS. CIRCULAR NO. 772 DATED 23 RD DEC. 1998 ISSUED BY THE CENTRAL BOARD OF DIRECT TAXES (CBDT) REFERS TO THE METHOD OF ACCOUNTING AND IN PARA 52.1 THERE OF, IT IS MENTIONED THAT WHETHER THE VALUE OF THE CLOSING STOCK OF THE INPUTS MUST NECESSAR ILY INCLUDE THE ELEMENT FOR WHICH MODVAT CREDIT IS AVAILABLE, HAS BEEN A MATTER OF CONSIDERABLE LITIGATION OVER THE YEARS. IN PARA 52.2, THE CBDT HAS CLARIFIED THAT WITH A VIEW TO PUT AN END TO 4 ITA NO. 101/PNJ/2014 (A.Y : 2006 - 07) THIS POINT OF LITIGATION, BOTH THE OPENING AND CLOSING STOCK SHOULD REFLECT THE CORRECT VALUE AND THAT IS WHY S. 145A WAS INSERTED TO THE STATUTE BOOK. IT IS FURTHER STATED THAT THE VALUATION SHALL BE FURTHER ADJUSTED TO INCLUDE THE AMOUNT OF ANY TAX, DUTY, CESS OR FEE (BY WHATEVER NAME CALLED), ACTUALLY PAID OR INC URRED BY THE ASSESSEE TO BRING THE GOODS TO THE PLACE OF ITS LOCATION AND CONDITION AS ON THE DATE OF VALUATION. THE RELEVANT PORTION OF PARA 52.2 OF THIS CIRCULAR IS QUOTED IN VERBATIM AS UNDER: CONSISTENT WITH OTHER PROVISIONS OF THE ACT, WITH A VIEW T O PUT AN END TO THIS POINT OF LITIGATION AND IN ORDER TO ENSURE THAT THE VALUE OF OPENING AND CLOSING STOCK REFLECTS THE CORRECT VALUE, A NEW SECTION 145A IS INSERTED. THIS SECTION PROVIDES THAT THE VALUATION OF PURCHASE, SALE AND INVENTORY SHALL BE MADE I N ACCORDANCE WITH THE METHOD OF ACCOUNTING REGULARLY EMPLOYED BY THE ASSESSEE AND SUCH VALUATION SHALL BE FURTHER ADJUSTED TO INCLUDE THE AMOUNT OF ANY TAX, DUTY, CESS OR FEE (BY WHATEVER NAME CALLED), ACTUALLY PAID OR INCURRED BY THE ASSESSEE TO BRING THE GOODS TO THE PLACE OF ITS LOCATION AND CONDITION AS ON THE DATE OF VALUATION. IN VIEW OF THESE PROVISIONS, IT IS MANDATORY FOR THE ASSESSEE TO INCLUDE ANY EXPENDITURE INCURRED BY WAY OF TAX, DUTY ON GOODS HELD BY THE ASSESSEE, CESS OR FEE IN THE VALUE OF THE STOCK, HELD BY THE ASSESSEE. THIS POSITION IS ALSO IN CONSONANCE WITH PARA 23.08, 23.13, AND 23.14 OF THE GUIDANCE NOTE ON TAX DUTY U/S 44A B OF THE ICAI, NEW DELHI. THIS ISSUE AND THE CONTENTION OF THE ASSESSEE HAS ALSO BEEN DIS CUSSED IN DETAILS BY THE A.O. IN THE ASSESSMENT ORDER. IN VIEW OF THE ABOVE DISCUSSION I DO NOT SEE ANY LEGAL INFIRMITY IN THE ORDER OF THE A.O. THE ORDER OF THE A.O. ON THIS ISSUE IS CONFIRMED AND TH I S GROUND OF APPEAL OF THE APPELLANT IS REJECTED ACCORDI NGL Y. 4. WE HEARD THE RIVAL SUBMISSIONS AND CAREFULLY CONSIDERED THE SAME ALONGWITH THE ORDER OF THE TAX AUTHORITIES BELOW. WE HAVE ALSO GONE THROUGH THE CASE LAWS AS HAS BEEN RELIED ON BEFORE US AS WELL AS THE PROVISIONS OF SEC. 145A AND SEC. 43B. WE NOTED THAT THIS ISSUE IS DULY COVERED BY THE DECISION OF THE DELHI BENCH OF THIS TRIBUNAL IN ITA NOS. 592/DEL/ 2002 AND 773/DEL/2002 IN THE CASE OF M/S. PEPSICO INDIA HOLDINGS PVT. LTD. OF WHICH THE ACCOUNTANT MEMBER OF THIS BENCH WAS THE AUTHOR. IN THIS C ASE, ON A SIMILAR ISSUE RELATING TO PROVISIONS OF SEC. 145A R.W.S. 43B, THE DELHI BENCH OF THE TRIBUNAL HELD AS UNDER : 5 ITA NO. 101/PNJ/2014 (A.Y : 2006 - 07) 2 9) F ROM THE AFORESAID STATUTORY PROVISION, IT IS APPARENTLY CLEAR THAT THE VALUATION OF PURCHASE AND SALE OF GOODS AND INVENTORY FOR THE PURPOSE OF COMPUTATION OF INCOME FROM BUSINESS OR PROFESSION SHALL BE MADE ON THE BASIS OF THE METHOD OF ACCOUNTING REGULARLY EMPLOYED BY THE ASSESSEE BUT THIS SHALL BE SUBJECT TO CERTAIN ADJUSTMENTS. THEREFORE, IT IS NOT NECESSARY TO CHANGE THE METHOD OF VALUATION OF PURCHASE, SALE AND INVENTORY REGULARLY EMPLOYED IN THE BOOKS OF ACCOUNT. THE ADJUSTMENTS PROVIDED IN THIS SECTION CAN BE MADE WHILE COMPUTING THE INCOME FOR THE PURPOSE OF PREPARING THE RETURN OF INCOME. THESE ADJUSTMENTS ARE AS FOLLOWS: A) ANY TAX, DUTY CESS OR FEE ACTUALLY PAID OR INCURRED ON INPUTS SHOULD BE ADDED TO THE COST OF INPUTS (RAW MATERIALS, STORES, ETC.) IF NOT ALREADY ADDED IN THE BOOKS OF ACCOUNTS . B) ANY TAX, DUTY, CESS OR FEE ACTUALLY PAID OR INCURRED ON SALE OF GOODS SHO ULD BE ADDED TO THE SALES; IF NOT ALREADY ADDED IN THE BOOKS OF ACCOUNTS. C) ANY TAX, DUTY, CESS OR FEE ACTUALLY PAID OR INCURRED ON THE INVENTORY (FINISHED GOODS, WORK IN PROGRESS, RAW MATERIALS, ETC.) SHOULD BE ADDED TO THE INVENTORIES, IF NOT ALREADY AD DED WHILE VALUING THE INVENTORY IN THE BOOKS OF ACCOUNTS. 30) THUS, SECTION 145A OF THE ACT PROVIDES THAT WHILE COMPUTING THE I NC OME OF THE ASSESSEE, INCLUSIVE METHOD OF ACCOUNTING SHOULD BE FOLLOWED INSTEAD OF EXCLUSIVE METHOD OF ACCOUNTING. THE INTENTIO N BEING THE INTRODUCTION OF SECTION 145 A WAS TO PROVIDE FOR UNIFORMITY IN THE METHOD OF VALUATIONS OF CLOSING STOCKS BY THE ASSESSEES BY WAY OF MANDATING THE INCLUSION OF TAX, DUTY, CESS OR FEE ACTUALLY PAID OR INCURRED BY THE ASSESSEE, I.E., THE INCLUSI VE METHOD OF STOCK VALUATION. THIS INTENTION IS EVIDENT FROM THE CIRCULAR NO. - 772 ISSUED BY THE CENTRAL BOARD OF DIRECT TAXES REPORTED IN 235 ITR 35 (ST) WHICH STATES AS BELOW : 52. METHOD OF ACCOUNTING IN CERTAIN CASES: 52.1 THE ISSUE RELATING TO WHETHER THE VALUE OF THE CLOSING STOCK OF THE INPUTS, WORK - IN - PROGRESS AND FINISHED GOODS MUST NECESSARILY INCLUDE THE ELEMENT FOR WHICH MODVAT CREDIT IS AVAILABLE, HAS BEEN THE MATTER OF CONSIDERABLE LITIGATION OVER THE YEARS. 52.2 CONSISTENT WITH THE OTHER PROVISIONS OF THE ACT, WITH A VIEW TO PUT AN END TO THIS POINT OF LITIGATION AND IN ORDER TO ENSURE THAT THE VALUE OF OPENING AND CLOSING STOCK REFLECT THE CORRECT VALUE, A NEW SECTION 145A IS INSERTED. THIS SECTION PROVIDES THAT THE VALUATION OF PUR CHASE, SALE AND INVENTORY SHALL BE MADE IN ACCORDANCE WITH THE METHOD OF ACCOUNTING REGULARLY EMPLOYED BY THE ASSESSEE AND SUCH VALUATION SHALL BE FURTHER ADJUSTED TO INCLUDE THE AMOUNT OF ANY TAX, DUTY, CESS OR FEE (BY WHATEVER NAME CALLED), ACTUALLY PAID OR INCURRED BY THE ASSESSEE TO BRING THE GOODS TO THE PLACE OF ITS LOCATION AND CONDITION AS ON THE DATE OF VALUATION. 6 ITA NO. 101/PNJ/2014 (A.Y : 2006 - 07) 52.3 THIS AMENDMENT WILL TAKE EFFECT FROM 1 ST APRIL, 1999 AND WILL, ACCORDINGLY, APPLY IN RELATION TO THE ASSESSMENT YEAR 1999 - 2000 AND SUBSEQUENT YEARS. [SECTION 43] 31) UNDER EITHER SYSTEM OF ACCOUNTING THE PROFIT COMPUTED IS A RESULT OF OPERATION OF AN ENTERPRISE ARE IDENTICAL AS IS EVIDENT FROM THE FOLLOWING ILLUSTRATION - ASSUME THAT IN CASE OF AN ASSESSEE: YEAR ITEM QTY RATE AMOUNT OPENING STOCK 20 PURCHASES 150 10 1500 ED ON PURCHASES 150 2 300 CLOSING STOCK 40 SALES 130 15 1950 ED ON SALES 130 5 650 UNDER THE EXCLUSIVE METHOD : P&L ACCOUNT DR. PARTICULARS RS. CR. PARTICULARS RS. OPENING STOCK 200 SALES 1950 PURCHASES 1500 CLOSING STOCK 400 EXCISE DUTY 0 GROSS PROFIT 650 TOTAL 2350 2350 UNDER THE INCLUSIVE METHOD : P&L ACCOUNT DR. PARTICULARS RS. CR. PARTICULARS RS. OPENING STOCK 240 SALES 2600 PURCHASES 1800 CLOSING STOCK 480 EXCISE DUTY 650 CREDIT OBTAINED ON CONSUMPTION 260 GROSS PROFIT 650 TOTAL 3340 3340 32) FROM THE AFORESAID ILLUSTRATION IT IS CLEAR THAT THE PROFIT COMPUTED UNDER THE INCLUSIVE AND THE EXCLUSIVE METHOD O F ACCOUNTING ARE THE SAME AND THERE WOULD NOT BE ANY CHANGE EVEN IF THE PROFIT COMPUTED BY THE ASSESSEE IS ADJUSTED IN ACCORDANCE WITH THE PROVISIONS CONTAINED U/S 145A OF THE L.T. ACT BECAUSE TO THE EXTENT THE 7 ITA NO. 101/PNJ/2014 (A.Y : 2006 - 07) CLOSING STOCK WILL BE INCREASED. IN RESPECT O F RAW MATERIALS THE COST OF THE PURCHASE AND THE OPENING STOCK WILL BE INCREASED BY THE COMPONENT OF THE EXCISE DUTY. SINCE THE ISSUE INVOLVED RELATED TO THE VALUATION OF THE CLOSING STOCK IN RESPECT OF RAW MATERIAL, THE QUESTION OF ANY DISALLOWANCE U/S 43 B WILL ALSO NOT ARISE. WE HAVE GONE THROUGH THE DECISION OF THE HONBLE SUPREME COURT IN THE CASE OF CIT VS INDO NIPPO CO. LTD. THIS CASE RELATES TO THE PROVISIONS OF SECTION 145 AND NOT TO THE PROVISIONS OF SECTION 145A BECAUSE SECTION 145A WAS INSERTED F ROM THE ASSESSMENT YEAR 1999 - 2000. WE HAVE ALSO GONE THROUGH THE ORDER OF THE MARUTI UDYOG LTD. VS CIT REPORTED IN 92 I TD 119. ALTHOUGH THIS CASE RELATES TO THE CLAIM OF THE DEDUCTION U/S 43B BUT THE PROPOSITION LAID DOWN IN THIS CASE IS EQUALLY APPLICABLE TO THE FACTS OF THE CASE OF THE ASSESSEE. WE HAVE ALREADY HELD THAT T HE PROFIT OF THE ASSESSEE CANNOT BE EFFECTED IF THE ASSESSEE FOLLOWED THE INCLUSIVE METHOD OF ACCOUNTING OR THE EXCLUSIVE METHOD OF ACCOUNTING BECAUSE IN ANY CASE THE STOCK IS INCREASED TO THAT EXTENT THE DEBIT SIDE IN THE P & L ACCOUNT WHICH WILL BE INCREASED BY THE INCREASE IN VALUE OF OPENING STOCK AS WELL AS THE COST OF THE PURCHASE DUE TO THE INCLUSION OF THE EXCISE DUTY INCURRED BY THE ASSESSEE AT THE TIME OF THE PURCHASE OF THE RAW MATERIALS. WE THEREFORE, SET ASIDE THE ORDER OF THE CIT (A) ON THIS ISSUE AND ALLOW GROUND NO. - 3 OF THE ASSESSEES APPEAL BY DELETING THE ADDITION OF RS. 2,22,96,100/ - MADE BY THE ASSESSING OFFICER AND CON FIRMED BY THE CIT(A). 5. THE LD. DR EVEN THOUGH VEHEMENTLY CONTENDED BUT COULD NOT ADDUCE ANY DECISION CONTRARY TO THE VIEW TAKEN BY THE DELHI BENCH OF THE TRIBUNAL IN THE CASE OF M/S. PEPSICO INDIA HOLDINGS PVT. LTD. ( SUPRA ). WE, THEREFORE, RESPECTFULLY FOLLOWING THE DECISION OF THE DELHI BENCH OF THE TRIBUNAL IN THE CASE OF M/S. PEPSICO INDIA HOLDINGS PVT. LTD. ( SUPRA ) SET ASIDE THE ORDER OF THE CIT(A) AND DELETE THE ADDITION OF RS. 32,29,135/ - . 6. IN THE RESULT, THE APPE AL FILED BY THE ASSESSEE STANDS ALLOWED. 7. ORDER PRONOUNCED IN THE OPEN COURT ON 20/01/2015. S D / - (D.T.GARASIA) JUDICIAL MEMBER S D / - (P.K. BANSAL) ACCOUNTANT MEMBER PLACE : PANAJI DATED : 2 0 /01/2015 *SSL* 8 ITA NO. 101/PNJ/2014 (A.Y : 2006 - 07) COPY TO : (1) APPELLANT (2) RESPONDENT (3) CIT CONCERNED (4) CIT(A) CONCERNED (5) D.R (6) GUARD FILE TRUE COPY, BY ORDER