Cartini India Limited v. Assistant Commissioner of Income Tax

291 ITR 355High Court2007#10730 most cited
10

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2024.

Judgments citing Cartini India Limited v. Assistant Commissioner of Income Tax

MARUTI SUZUKI INDIA LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, the appeal of the assessee in ITA No

ITA 4081/DEL/2010[2003-04]Status: PendingITAT Delhi12 Mar 2024AY 2003-04

Bench: Shri Saktijit Dey & Shri N.K. Billaiya

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Rajesh Kumar, CIT-DR

…tion of Section 145A of the Act, v effect from 1st April 2010, an Assessee must now necessarily follow n inclusive method of valuation of stock. It was explained by the Bombay High Court in Cartini India Limited v. Assistant Commissioner of Income Tax [2007] 291 ITR 355 (Bom) that "as per the new provision of Sec: 145 A of the Income-tax Act, 1961, the unutilized MODVAT credit ha: be included in the closing stock of raw material and work in progress, whereas the excise duty paid on unsold finished goods had to be include, m the inventory of finished goods." However, Section 145A of the Ac- 5 prospective and does…

KANSAI NEROLAC PAINTS LTD,MUMBAI vs. ADDL CIT RG 6(2), MUMBAI

ITA 7196/MUM/2013[2007-08]Status: DisposedITAT Mumbai15 May 2019AY 2007-08

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6789/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ Dcit Circle -6(2) M/S. Kansai Nerolac Paints Ltd., R.No. 563, Aayakar Bhavan, Nerolac House, K.G. Marg, M.K. Road, Churchgate, V. Lower Parel, Mumbai-400020 Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. आयकर अपीऱ सं./I.T.A. No.7196/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ M/S. Kansai Nerolac Paints Addl. Cit Circle -6(2) Ltd., R.No. 669, Nerolac House, K.G. Marg, Aayakar Bhavan, V. Lower Parel, Mumbai 400013 M.K. Road, Mumbai- 400020 स्थायी ऱेखा सं./ Pan : Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

For Appellant: Ms. Aarti VissanjiFor Respondent: Shri. Rignesh K. Das (DR)
Section 143(3)Section 144C(3)Section 145ASection 14A

…ITR 562(Delhi) wherein assessment year under consideration before Hon‟ble Delhi High Court was AY 1999-00, wherein Hon‟ble Delhi High Court after considering decision of Hon‟ble Bombay High Court in the case of Cartini India Limited v. ACIT reported in (2007) 291 ITR 355(Bom.), held as under : 47. It may be noted that after the insertion of Section 145A of the Act, with effect from 1st April 2010, an Assessee must now necessarily follow the inclusive method of valuation of stock. It was explained by the Bombay High Court in Cartini India Ltd. v. Asstt. CIT [2007] 291 ITR 355 (Bom.), that "as per the new provisio…

DCIT 6(2), MUMBAI vs. KANSAI NEROLAC PAINTS LTD, MUMBAI

ITA 6789/MUM/2013[2007-08]Status: DisposedITAT Mumbai15 May 2019AY 2007-08

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6789/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ Dcit Circle -6(2) M/S. Kansai Nerolac Paints Ltd., R.No. 563, Aayakar Bhavan, Nerolac House, K.G. Marg, M.K. Road, Churchgate, V. Lower Parel, Mumbai-400020 Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. आयकर अपीऱ सं./I.T.A. No.7196/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ M/S. Kansai Nerolac Paints Addl. Cit Circle -6(2) Ltd., R.No. 669, Nerolac House, K.G. Marg, Aayakar Bhavan, V. Lower Parel, Mumbai 400013 M.K. Road, Mumbai- 400020 स्थायी ऱेखा सं./ Pan : Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

For Appellant: Ms. Aarti VissanjiFor Respondent: Shri. Rignesh K. Das (DR)
Section 143(3)Section 144C(3)Section 145ASection 14A

…ITR 562(Delhi) wherein assessment year under consideration before Hon‟ble Delhi High Court was AY 1999-00, wherein Hon‟ble Delhi High Court after considering decision of Hon‟ble Bombay High Court in the case of Cartini India Limited v. ACIT reported in (2007) 291 ITR 355(Bom.), held as under : 47. It may be noted that after the insertion of Section 145A of the Act, with effect from 1st April 2010, an Assessee must now necessarily follow the inclusive method of valuation of stock. It was explained by the Bombay High Court in Cartini India Ltd. v. Asstt. CIT [2007] 291 ITR 355 (Bom.), that "as per the new provisio…

THE DY.COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), AHMEDABAD vs. M/S. ADANI PETRONET( DAHEJ) PVT. LTD.,, AHMEDABAD

In the result, this ground of appeal is dismissed

ITA 3459/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad01 Feb 2019AY 2011-12

Bench: Shri Pramod Kumar & Shri Mahavir Prasad)

For Appellant: Shri Mudit Nagpal, Sr. DR and Smt. Aparna Agarwal, CIT/DRFor Respondent: Shri S. N. Soparkar & Parin Shah, A.R
Section 115JSection 145Section 145ASection 14ASection 5

…subsidy. Further, it has been very clearly mentioned that section 43B does not apply to CENVAT credit and both are different. Further, the Hon. High Court of Bombay in the case of Cartini India Ltd. (Formerly, Godrej Appliances Ltd.) Vs. ACIT and Ore., [2007] 291 ITR 355 (Bom) in paragraph 19 of its order has observed as under: "19. As per the new provisions of Section 145A of the IT ACT, 1961, the unutilized MODVAT credit had to be included in the closing stock of raw material and work in progress, whereas the excise duty paid on unsold finished gods had to be included in the inventory of finished goods. 9 . A.Y…

MARUTI SUZUKI INDIA LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

Appeal of the assessee is partly allowed for statistical purpose

ITA 467/DEL/2014[2009-10]Status: DisposedITAT Delhi17 Oct 2018AY 2009-10

Bench: Shri R. K. Panda & Ms Suchitra Kamblei.T.A .No. 467/Del/2014 (A.Y 2009-10)

Section 143(3)Section 144CSection 144C(5)Section 43Section 43B

…DELHI BENCH: ‘I-1’ NEW DELHI BEFORE SHRI R. K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER I.T.A .No. 467/DEL/2014 (A.Y 2009-10) Maruti Suzuki India Ltd. Vs Addl. CIT Plot No. 1, Nelson Mandela Road, Range-6 Vasank Kunj New Delhi New Delhi AAACM0829Q (APPELLANT) (RESPONDENT) Appellant by Sh. Ajay Vohra, Sr. Adv., Sh. Rohit Jain, Adv., Ms. Tejasvi Adv Respondent by Shr. G. C. Srivastava, Adv, Sh. Sanjay Kr. Dass, DR. Date of Hearing 27.07.2018 Date of Pronouncement 17.10.2018 ORDER PER SUCHITRA KAMBLE, JM This appeal is filed by the assessee for Assessment Year 2009-10 against the ord…

LARSEN & TOUBRO LTD,MUMBAI vs. ASST CIT CIR 2(2), MUMBAI

In the result, the appeal filed by the Revenue is dismissed

ITA 6257/MUM/2011[1999-00]Status: DisposedITAT Mumbai28 Mar 2018AY 1999-00

Bench: Shri Mahavir Singh () & Shri N.K. Pradhan () Assessment Year: 1999-00 Larsen & Toubro Ltd. Dcit-2(2) Taxation Department L&T Room No. 577, 5Th Vs. House, N.M. Ballard Estate, Floor, Aayakar Mumbai-400001 Bhavan, M.K. Road Mumbai-400020. Pan No. Aaacl0140P Appellant Respondent Assessment Year: 1999-00 Dcit-2(2) Larsen & Toubro Ltd. Room No. 577, 5Th Floor, Taxation Department Vs. Aayakar Bhavan, M.K. L&T House, N.M. Road Ballard Estate, Mumbai-400020. Mumbai-400001 Pan No. Aaacl0140P Appellant Respondent Assessee By : Mr. J.D. Mistry & Mr. Madhur Agarwal, Ar Revenue By : Mr. Anadi Varma, Cit-Dr Date Of Hearing : 14/02/2018 Date Of Pronouncement : 28/03/2018

For Appellant: Mr. J.D. Mistry &For Respondent: Mr. Anadi Varma, CIT-DR
Section 143(3)Section 145A

…rival submissions and perused the relevant materials on record. As the provisions of section 145A have been inserted w.e.f. 01.04.1999 that section 145A is applicable for and from Larsen & Toubro Ltd. AY 1999-2000. As held in Cartini India Ltd. v. ACIT (2007) 291 ITR 355 (Bom), as per the new provisions of section 145A, the unutilized Modvat Credit had to be included in the closing stock of raw material and Work- In-Progress, whereas the excise duty paid on unsold finished goods had to be included in the inventory of finished goods. In Mahavir Alluminium Ltd. (supra), in its closing stock for the relevant previou…

M/S MARUTI UDYOG LTD. vs. COMMISSIONER OF INCOME TAX DEL

ITA/31/2005HC Delhi07 Dec 2017

Bench: 31St March 2000, I.E. The End Of The Relevant Accounting Year, Even Though The Assessee Has Already Incurred Liability Of Excise Duty Of Rs.12.27 Crores?

Section 260ASection 43B

…Section 145A of the Act, with effect from 1st April 2010, an Assessee must now necessarily follow the inclusive method of valuation of stock. It was explained by the Bombay High Court in Cartini India Limited v. Assistant Commissioner of Income Tax [2007] 291 ITR 355 (Bom) that “as per the new provision of Section 145A of the Income-tax Act, 1961, the unutilized MODVAT credit had to be included in the closing stock of raw material and work in progress, whereas the excise duty paid on unsold finished goods had to be included in the inventory of finished goods.” However, Section 145A of the Act is prospect…

DCIT, CIRCLE - 10, KOLKATA, KOLKATA vs. M/S. STADMED PRIVATE LTD., KOLKATA

In the result, Revenue’s appeal stands dismissed

ITA 200/KOL/2010[2005-06]Status: DisposedITAT Kolkata18 Jan 2017AY 2005-06

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

Section 143(2)Section 143(3)

…ise duty component had to be excluded”. The court further held that ‘customs and excise duty were to be allowed u/s. 43B which were paid on goods manufactured though lying in stock’. The Bombay High Court in the case of Cartini India Ltd vs. ACIT & Ors (2007) 291 ITR 355 supported the above view, wherein it was held that ‘as far as exclusion of excise duty from closing stock is concerned, excise duty could not form part of the closing stock as the payment was not debited to the P&L a/c’. The court further observed that ‘if the amount was treated as the part of the closing stock then it should have been allowed fo…

STADMED PRIVATE LIMITED,KOLKATA vs. DCIT, CIRCLE - 10, KOLKATA, KOLKATA

In the result, Revenue’s appeal stands dismissed

ITA 136/KOL/2010[2005-06]Status: DisposedITAT Kolkata18 Jan 2017AY 2005-06

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

Section 143(2)Section 143(3)

…ise duty component had to be excluded”. The court further held that ‘customs and excise duty were to be allowed u/s. 43B which were paid on goods manufactured though lying in stock’. The Bombay High Court in the case of Cartini India Ltd vs. ACIT & Ors (2007) 291 ITR 355 supported the above view, wherein it was held that ‘as far as exclusion of excise duty from closing stock is concerned, excise duty could not form part of the closing stock as the payment was not debited to the P&L a/c’. The court further observed that ‘if the amount was treated as the part of the closing stock then it should have been allowed fo…

EPCOS INDIA PRIVATE LIMITED,NADIA vs. A.C.I.T CIR - 11,KOLKATA, KOLKATA

In the result the appeal of the assesee is allowed

ITA 1921/KOL/2013[1998-99]Status: DisposedITAT Kolkata20 Jul 2016AY 1998-99

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 1921/Kol/2013 Assessment Year : 1998-99 Epcos India Pvt. Ltd. -Vs.- A.C.I.T., Circle-11, Kolkata Kolkata [Pan : Aaaci 6950 Q] (Appellant) (Respondent) For The Appellant : Shri Anup Sinha, Ar For The Respondent : Shri Debashis Lahiri, Jcit, Sr.Dr

For Appellant: Shri Anup Sinha, ARFor Respondent: Shri Debashis Lahiri, JCIT, Sr.DR
Section 115JSection 143(3)Section 147

…s from the last date of the concerned assessment year and there was an assessment under Section 143(3) in respect of the assessee. Further reliance was placed on the decision of the Hon’ble Bombay High Court in the case of Cartini India Ltd. -vs.- ACIT (2007) 291 ITR 355 (Born.) wherein the Hon'ble Bombay High Court has held that assessee having disclosed all the material facts relating to the issues which formed the reasons to believe that the income of the assessee had escaped assessment, reopening of the assessment beyond four years from the end of the relevant assessment year was not sustainable. Reliance was…