CIT v. Indo Nippon Chemicals Co. Limited

245 ITR 384High Court2000#4649 most cited

What is CIT v. Indo Nippon Chemicals Co. Limited authority for?

Revaluation of closing stock including unused Modvat credit is permissible, and additions made on this account by the Assessing Officer can be deleted.

25

judgments rely on this decision, according to BharatTax’s citation analysis of 366,459 Indian tax judgments — from 2016 to 2023.

Also referred to as

CIT v Indo Nippon Chemicals Co. Ltd · 245 ITR 384 · revaluation of closing stock · unused Modvat credit · deletion of addition · ITAT Mumbai · Bombay High Court

Issues it is cited on

section 17(1)section 35ddsection 92asection 36(l)(va)section 36(l)section 36(va)section 145aenhanced compensationsection 34(1)section 35dgoing concerncommercial rights

Judgments citing CIT v. Indo Nippon Chemicals Co. Limited

Maruti Suzuki India Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, the appeal of the assessee is allowed in part for statistical purposes

ITA 6021/DEL/2012[2008-09]Status: DisposedITAT Delhi09 Nov 2017AY 2008-09

Bench: Shri N.K. Saini & Shri K.N. Charry

Section 143(3)Section 144CSection 144C(5)Section 14ASection 35DSection 43BSection 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘I’ NEW DELHI BEFORE SHRI N.K. SAINI, ACCOUNTANT MEMBER & SHRI K.N. CHARRY, JUDICIAL MEMBER ITA No.-6021/Del/2012 (Assessment Year: 2008-09) Maruti Suzuki India Ltd. vs Addl. CIT Plot No. 1, Nelson Mandela Road, Range-6, Vasant Kunj, New Delhi. C.R. Building, PAN-AAACM0829Q New Delhi. (APPELLANT) (RESPONDENT) Assessee by Sh. Ajay Vohra Revenue by Sh. Aprender Kumar Date of Hearing 21.08.2017 Date of Pronouncement 09.11.2017 ORDER PER SHRI K.N. CHARY, JUDICIAL MEMBER This is an appeal challenging the order dated 29.10.2012 passed by the Assessing Officer u/…

DCIT 17(1), Mumbai vs. M/S S.M. Steel, Mumbai

In the result appeal of the Revenue is dismissed

ITA 2539/MUM/2013[2009-10]Status: DisposedITAT Mumbai19 Oct 2016AY 2009-10

Bench: Shri R.C. Sharma() & Shri Amarjeet Singh ()

For Appellant: Shri. I.P. RathiFor Respondent: Shri. Pradeep Arya
Section 143(3)

…ral situation. Whatever addition once made to the closing stock it is going to the opening stock in next year. In fact, there will not be any leakage of revenue. The above proposition has been laid down in the case of CIT vs. Indo Nippon Chemical Company Ltd. 245 ITR 384 (Born.). 13 The valuation of stock on the basis of average prices has been held as valid in the case of CIT vs. Fazilka Co.operative Sugar Mills Ltd. Reported in 255 ITR 411 ( P& H). The head note is as under: "The assessee filed its return of income for the assessment year 1991-92. It declared a loss of Rs. 7,52,53,863. On December 7, 1992, th…

JCIT 17(1), Mumbai vs. S.M. Steels, Mumbai

In the result appeal of the Revenue is dismissed

ITA 6579/MUM/2012[2008-09]Status: DisposedITAT Mumbai19 Oct 2016AY 2008-09

Bench: Shri R.C. Sharma() & Shri Amarjeet Singh ()

For Appellant: Shri. I.P. RathiFor Respondent: Shri. Pradeep Arya
Section 143(3)

…ral situation. Whatever addition once made to the closing stock it is going to the opening stock in next year. In fact, there will not be any leakage of revenue. The above proposition has been laid down in the case of CIT vs. Indo Nippon Chemical Company Ltd. 245 ITR 384 (Born.). 13 The valuation of stock on the basis of average prices has been held as valid in the case of CIT vs. Fazilka Co.operative Sugar Mills Ltd. Reported in 255 ITR 411 ( P& H). The head note is as under: "The assessee filed its return of income for the assessment year 1991-92. It declared a loss of Rs. 7,52,53,863. On December 7, 1992, th…

Maruti Suzuki India Ltd., New Delhi vs. Addl. CIT, New Delhi

Appeal is allowed

ITA 5720/DEL/2011[2007-08]Status: DisposedITAT Delhi12 Jul 2016AY 2007-08

Bench: Shri I.C. Sudhir & Shri L.P. Sahu Assessment Year: 2007-08 Assessment Year: 2007-08 Maruti Suzuki India Ltd., Vs. Additional Cit, Plot No.1, Nelson Mandela Road, Range-6, Vasant Road, New Delhi. New Delhi. (Pan: Aaacm0829Q) (Appellant) (Respondent) Assessee By: S/Shri Ajay Vohra, Sr. Adv. Neeraj Jain, Rohit Jain, Adv. Romit Katyal & Ms. Tejasvi Jain, Cas Department By:Shri Amrendra Kumar, Cit(Dr)

For Appellant: S/Shri Ajay Vohra, Sr. Adv. NeerajFor Respondent: Shri Amrendra Kumar, CIT(DR)

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH “I-1” NEW DELHI) BEFORE SHRI I.C. SUDHIR AND SHRI L.P. SAHU Assessment Year: 2007-08 Assessment Year: 2007-08 Maruti Suzuki India Ltd., vs. Additional CIT, Plot No.1, Nelson Mandela Road, Range-6, Vasant Road, New Delhi. New Delhi. (PAN: AAACM0829Q) (Appellant) (Respondent) Assessee by: S/Shri Ajay Vohra, Sr. Adv. Neeraj Jain, Rohit Jain, Adv. Romit Katyal & Ms. Tejasvi Jain, CAs Department by:Shri Amrendra Kumar, CIT(DR) C O R R I G E N D U M It has come to our notice that there are few typographical mistakes in the Order dated 20.5.2016 of the ITAT, which needs…

DCIT 7(3), Mumbai vs. Aristocrat Luggage Ltd ( Now Merged With Vip Industries Ltd), Mumbai

In the result, the appeal filed by the Revenue in ITA N0

ITA 5422/MUM/2013[2006-07]Status: DisposedITAT Mumbai07 Mar 2016AY 2006-07

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 5422/Mum/2013 ("नधा"रण वष" / Assessment Year : 2006-07) Dy. Commissioner Of Income M/S Aristocrat Luggage बनाम/ Tax -7(3), Ltd., V. Room No. 615, 6 Th Floor, (Now Merged With Vip Aayakar Bhavan, Industries Ltd.), M.K. Road, Dgp House, Mumbai 400 020. 88-C, Old Prabhadevi Road, Mumbai- 400 025. "थायी लेखा सं./Pan : Aaacu0092R (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

Section 143(2)Section 143(3)Section 145ASection 147Section 148Section 43B

…in the opening stock of the assessment year 2006-07 and no such effect of Modvat was accounted in the closing stock of the assessment year 2006-07. In support, the assessee company relied on the judgments in the case of CIT v. Indo-Nippon Chemical Co. Ltd. , 245 ITR 384 (Bom) and the Mumbai Tribunal decision in the case of Echjay Industries Ltd. v. DCIT, 257 ITR 1(AT). With respect to the lower- payment of Rs. 10,72,897/- due to premature payment under Sales Tax Deferral scheme, it was submitted that the Paithan and Waluj Unit of the company were entitled to a Sales Tax Deferral scheme of the Government of Maha…