CIT v. Indo Nippon Chemicals Co. Ltd.

261 ITR 275Supreme Court of India2003#445 most cited

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

A liability recognized in accordance with the Accounting Standards prescribed by the Institute of Chartered Accountants of India (ICAI) is an allowable expense for income tax purposes.

204

judgments rely on this decision, according to BharatTax’s citation analysis of 367,514 Indian tax judgments — from 2007 to 2025.

Also referred to as

CIT v. Indo Nippon Chemicals Co. Ltd. · 261 ITR 275 · allowable expense · liability recognition · Accounting Standards · ICAI · Section 37(1) Income Tax Act · business expenditure · mercantile system of accounting · SC decision

Also reported as

130 Taxmann 179

Sections most often in play

Section 41(1)Section 36(1)(va)Section 37(1)Section 41(2)Section 43BSection 2(24)Section 115JBSection 143(3)

Issues it is cited on

section 153b(i)(a)section 132(8)section 132(9a)section 153(1)(a)section 145avaluation of sharessection 65bsection 65section 153(1)icdsdumb documentssection 153b

Judgments citing CIT v. Indo Nippon Chemicals Co. Ltd.

Marine Business Associates, Kannur vs. ITO, Kannur

In the result, the appeal filed by the assessee is allowed

ITA 558/COCH/2023[2017-18]Status: DisposedITAT Cochin30 Sept 2024AY 2017-18

Bench: Shri Waseem Ahmed & Shri Soundararajan K

For Appellant: --- None ---For Respondent: Smt.Girly Albert, Sr.DR
Section 145A

…the assessee that the other orders passed by the ld.CIT(A) in respect of other six dealers are also in accordance with the view taken by us. 30. In coming to the above conclusion, we also relied on the judgment of the Hon’ble Supreme Court reported in (2003) 261 ITR 275 in the case of CIT v. Indo Nippon Chemicals Co. Ltd., wherein the Hon’ble Supreme Court has held that adopting gross method for purchases and net method for unconsumed stock at the year end is not permissible. 31. In the result, the appeal filed by the assessee is allowed. Order pronounced on this 30th day of September, 2024. (Waseem Ahmed) JUD…

Arunkumar Puthige, Kannur vs. The ITO Ward 1 & Tps, Kannur

In the result, the appeal by the assessee is allowed

ITA 189/COCH/2023[2017-18]Status: DisposedITAT Cochin30 Sept 2024AY 2017-18

Bench: Shri Waseem Ahmed & Shri Soundararajan K

For Appellant: Sri.Arunraj S, AdvocateFor Respondent: Smt.Girly Albert, Sr.DR
Section 145A

…023. Sri.Arunkumar Puthige. orders passed by the ld.CIT(A) in respect of other six dealers are also in accordance with the view taken by us. 29. In coming to the above conclusion, we also relied on the judgment of the Hon’ble Supreme Court reported in (2003) 261 ITR 275 in the case of CIT v. Indo Nippon Chemicals Co. Ltd., wherein the Hon’ble Supreme Court has held that adopting gross method for purchases and net method for unconsumed stock at the year end is not permissible. 30. In the result, the appeal by the assessee is allowed. Order pronounced on this 30th day of September, 2024. (Waseem Ahmed) JUDICIAL…

Turakhia Overseas Pvt. Ltd., Ahmedabad vs. The ACIT, Circle-4(1)(2), Ahmedabad

In the result, the appeal of the assessee is partly allowed

ITA 677/AHD/2023[2015-16]Status: DisposedITAT Ahmedabad03 Apr 2024AY 2015-16

Bench: Shri Waseem Ahmed & Smt. Madhumita Royआयकर अपील सं./Ita No.677/Ahd/2023 ("नधा"रण वष"/Assessment Year : 2015-16)

For Appellant: Shri Parin Shah, ARFor Respondent: Shri B.P. Makwana, Sr.DR
Section 142(1)Section 143(2)Section 143(3)Section 145ASection 14ASection 32Section 36(1)(iii)

…ther the Ld.DR has placed any material on record nor controverted the findings of the ld.CIT(A). The CIT(A) while passing the aforesaid order relied upon the decision(s) of Hon’ble Supreme Court in the case of CIT vs. Indo Nippon Chemicals Co.Ltd. reported at 261 ITR 275 (SC) and CIT vs. M/s.Dynavision Ltd.(SC). In view of the aforesaid facts, we are of the opinion to approve the findings of Ld.CIT(A) and delete the addition. Thus, this ground of Assessee’s appeal is allowed. 10. Ground No.5 relates to confirmation of disallowance of Rs.2,73,643/- u/s.14A of the Act by the Ld.CIT(A). A similar issue has come up…

Addl CIT R G 7(1), Mumbai vs. Novartis India Ltd ( Formerly Known As Hindustan Ciba Giegy Ltd. ), Mumbai

ITA 6772/MUM/2010[2002-03]Status: DisposedITAT Mumbai20 Mar 2024AY 2002-03

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Novartis India Limited V. Asst. Commissioner Of Income –Tax - 7(2)(2) {Earlier Addl. Commissioner Of Income –Tax – 7(1)} 6Th& 7Th Floor 1St Floor, Aayakar Bhavan Inspire Bkc M.K. Road, Mumbai - 400020 “G” Block, Bkc Main Road Bandra Kurla Complex, Bandra (E) Mumbai – 400051 Pan: Aaach2914F (Appellant) (Respondent) Addl. Commissioner Of Income –Tax – 7(1) V. M/S. Novartis India Limited Room No. 622, Aayakar Bhavan {Earlier Known As Hindustan Ciba Giegy Ltd.,} Sandoz House, Dr. A.B. Road M.K. Road, Mumbai - 400020 Worli, Mumbai – 400018 Pan: Aaach2914F (Appellant) (Respondent) Co No.190/Mum/2011 [Arising Out Of Ita No.6772/Mum/2010 (A.Y. 2002-03)] M/S. Novartis India Limited V. Addl. Commissioner Of Income –Tax – 7(1)} Room No. 622, Aayakar Bhavan {Earlier Known As Hindustan Ciba Giegy Ltd.,} Sandoz House, Dr. A.B. Road M.K. Road, Mumbai - 400020 Worli, Mumbai – 400018 Pan: Aaach2914F (Appellant) (Respondent)

Section 120(4)(b)Section 127Section 143(2)Section 143(3)Section 2

…re the Tribunal. 20. At the outset, the learned Counsel for the assessee stated that this issue is squarely covered in favour of assessee and against Revenue by the decision of Hon’ble Supreme Court in the case of DCIT vs Indo Nippon Chemicals Co. Ltd. (2003) 261 ITR 275 (SC) and also of Bombay High Court in the case of CIT Vs. Mahalakshmi Glass Works Private Limited (2009) 318 ITR 116 (BOM) wherein Hon’ble Bombay High Court in the case of Mahalakshmi Glass Works Private Limited (supra) held as under: - “1. The substantial question of law as raised in this appeal is as under: "Whether, on the facts and circumstan…

Hindustan Coca-Cola Beverages Pvt. Ltd., New Delhi vs. JCIT, Special Range- 4, New Delhi

In the result, Appeals filed by the Assessee in ITA No

ITA 2315/DEL/2019[2012-13]Status: DisposedITAT Delhi05 Mar 2024AY 2012-13

Bench: SHRI M. BALAGANESH (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

…the Accounting Standards prescribed by the ICAI are allowable expenses and has relied upon the following judgments: • CIT v. Woodward Governor India Pvt. Ltd. & Ors [162 taxman 60 (Del)] • Challapalli Sugars Ltd. v. CIT [98 ITR 167 (SC)] • CIT v. Indo Nippon [261 ITR 275 (SC)] The appellant has contended that adhoc disallowances are not allowed in the eye of law and has relied upon the Hon'ble ITAT-Mumbai latest judgment on this issue in the case of "ITO vs M/s Intertoll ICS India Pvt. Ltd. ITA 7700/Mum/2010. The appellant has also stated that no such adhoc disallowances were made in assessment of AY 2012-2013. T…

Hindustan Coca-Cola Beverages Pvt. Ltd., New Delhi vs. Addlcit, Special Range-4, New Delhi

In the result, Appeals filed by the Assessee in ITA No

ITA 6506/DEL/2018[2013-14]Status: DisposedITAT Delhi05 Mar 2024AY 2013-14

Bench: SHRI M. BALAGANESH (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

…the Accounting Standards prescribed by the ICAI are allowable expenses and has relied upon the following judgments: • CIT v. Woodward Governor India Pvt. Ltd. & Ors [162 taxman 60 (Del)] • Challapalli Sugars Ltd. v. CIT [98 ITR 167 (SC)] • CIT v. Indo Nippon [261 ITR 275 (SC)] The appellant has contended that adhoc disallowances are not allowed in the eye of law and has relied upon the Hon'ble ITAT-Mumbai latest judgment on this issue in the case of "ITO vs M/s Intertoll ICS India Pvt. Ltd. ITA 7700/Mum/2010. The appellant has also stated that no such adhoc disallowances were made in assessment of AY 2012-2013. T…

Addl. CIT, Special Range- 4, New Delhi vs. Hindustan Coca-Cola Beverages Pvt. Ltd., New Delhi

In the result, Appeals filed by the Assessee in ITA No

ITA 6296/DEL/2018[2013-14]Status: DisposedITAT Delhi05 Mar 2024AY 2013-14

Bench: SHRI M. BALAGANESH (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

…the Accounting Standards prescribed by the ICAI are allowable expenses and has relied upon the following judgments: • CIT v. Woodward Governor India Pvt. Ltd. & Ors [162 taxman 60 (Del)] • Challapalli Sugars Ltd. v. CIT [98 ITR 167 (SC)] • CIT v. Indo Nippon [261 ITR 275 (SC)] The appellant has contended that adhoc disallowances are not allowed in the eye of law and has relied upon the Hon'ble ITAT-Mumbai latest judgment on this issue in the case of "ITO vs M/s Intertoll ICS India Pvt. Ltd. ITA 7700/Mum/2010. The appellant has also stated that no such adhoc disallowances were made in assessment of AY 2012-2013. T…

Hindustan Coca-Cola Beverages Pvt. Ltd., New Delhi vs. Addl. CIT, Special Range- 4, New Delhi

In the result, Appeals filed by the Assessee in ITA No

ITA 5925/DEL/2018[2011-12]Status: DisposedITAT Delhi05 Mar 2024AY 2011-12

Bench: SHRI M. BALAGANESH (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

…the Accounting Standards prescribed by the ICAI are allowable expenses and has relied upon the following judgments: • CIT v. Woodward Governor India Pvt. Ltd. & Ors [162 taxman 60 (Del)] • Challapalli Sugars Ltd. v. CIT [98 ITR 167 (SC)] • CIT v. Indo Nippon [261 ITR 275 (SC)] The appellant has contended that adhoc disallowances are not allowed in the eye of law and has relied upon the Hon'ble ITAT-Mumbai latest judgment on this issue in the case of "ITO vs M/s Intertoll ICS India Pvt. Ltd. ITA 7700/Mum/2010. The appellant has also stated that no such adhoc disallowances were made in assessment of AY 2012-2013. T…

Addl. CIT, Special Range- 4, New Delhi vs. Hindustan Coca-Cola Beverages Pvt. Ltd., New Delhi

In the result, Appeals filed by the Assessee in ITA No

ITA 5903/DEL/2018[2011-12]Status: DisposedITAT Delhi05 Mar 2024AY 2011-12

Bench: SHRI M. BALAGANESH (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

…the Accounting Standards prescribed by the ICAI are allowable expenses and has relied upon the following judgments: • CIT v. Woodward Governor India Pvt. Ltd. & Ors [162 taxman 60 (Del)] • Challapalli Sugars Ltd. v. CIT [98 ITR 167 (SC)] • CIT v. Indo Nippon [261 ITR 275 (SC)] The appellant has contended that adhoc disallowances are not allowed in the eye of law and has relied upon the Hon'ble ITAT-Mumbai latest judgment on this issue in the case of "ITO vs M/s Intertoll ICS India Pvt. Ltd. ITA 7700/Mum/2010. The appellant has also stated that no such adhoc disallowances were made in assessment of AY 2012-2013. T…

Asst CIT (Ltu) 1, Mumbai vs. Grasim Industries Limited (As A Successor to Aditya Birla Nuvo Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1248/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Dec 2023AY 2011-12

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

For Appellant: Shri Yogesh Thar, ARFor Respondent: Ms. A. Alankrutha, Sr. DR
Section 10BSection 115JSection 14ASection 234BSection 271(1)(c)Section 32(1)(iia)Section 37Section 40Section 43BSection 80I

…IT(A) allowed assessee's claim by following the decision of his predecessor in assessment year 2005-06 to 2008-09, wherein the CIT(A) had in turn followed the decision of the Hon'ble Apex Court in the case of CIT vs. Indo Nippon Chemical Co. Ltd., reported as 261 ITR 275(SC). The ld. Authorized Representative for the assessee further pointed that the Tribunal in assessment year 2008-09 in ITA No.3033/Mum/2012(supra) had decided this issue in favour of the assessee. We do not find any infirmity in the findings of CIT(A) in deleting the addition by following the decision of Hon'ble Apex Court. The Co- ordinate Benc…

Grasim Industries Limited (As A Successor to Aditya Birla Nuvo Ltd), Mumbai vs. Addl CIT Ltu, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1065/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Dec 2023AY 2011-12

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

For Appellant: Shri Yogesh Thar, ARFor Respondent: Ms. A. Alankrutha, Sr. DR
Section 10BSection 115JSection 14ASection 234BSection 271(1)(c)Section 32(1)(iia)Section 37Section 40Section 43BSection 80I

…IT(A) allowed assessee's claim by following the decision of his predecessor in assessment year 2005-06 to 2008-09, wherein the CIT(A) had in turn followed the decision of the Hon'ble Apex Court in the case of CIT vs. Indo Nippon Chemical Co. Ltd., reported as 261 ITR 275(SC). The ld. Authorized Representative for the assessee further pointed that the Tribunal in assessment year 2008-09 in ITA No.3033/Mum/2012(supra) had decided this issue in favour of the assessee. We do not find any infirmity in the findings of CIT(A) in deleting the addition by following the decision of Hon'ble Apex Court. The Co- ordinate Benc…

DCIT RG. - 6(3), Mumbai vs. M/S. Kansai Nerolac Paints Ltd., Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 4607/MUM/2017[2011-12]Status: DisposedITAT Mumbai04 Dec 2023AY 2011-12

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K”, MUMBAI BEFORE SHRI AMIT SHUKLA (JUDICIAL MEMBER) AND Ms. PADMAVATHY S. (ACCOUNTANT MEMBER) I.T.A. No.3384/Mum/2014 - Assessment year: 2008-09 I.T.A. No.3385/Mum/2014 - Assessment year: 2009-10 I.T.A. No.3642/Mum/2016 - Assessment year: 2010-11 I.T.A. No.4562/Mum/2017 - Assessment year: 2011-12 Kansai Nerolac Paints Limited vs Addl CIT, Range 6(2), Mumbai Room No.669, 5th Floor, (Erstwhile known as Goodlas Nerolac Paints Limited), Nerolac Aayakar Bhavan, M.K. Marg, House, G.K. Marg, Lower Power, Mumbai-400 020 Mumbai-400 013 PAN : AAACG1376N ASSESSEE RESPONDE…

M/S. Kansai Nerolac Paints Ltd., Mumbai vs. DCIT RG. - 6(3), Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 4562/MUM/2017[2011-12]Status: DisposedITAT Mumbai04 Dec 2023AY 2011-12

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K”, MUMBAI BEFORE SHRI AMIT SHUKLA (JUDICIAL MEMBER) AND Ms. PADMAVATHY S. (ACCOUNTANT MEMBER) I.T.A. No.3384/Mum/2014 - Assessment year: 2008-09 I.T.A. No.3385/Mum/2014 - Assessment year: 2009-10 I.T.A. No.3642/Mum/2016 - Assessment year: 2010-11 I.T.A. No.4562/Mum/2017 - Assessment year: 2011-12 Kansai Nerolac Paints Limited vs Addl CIT, Range 6(2), Mumbai Room No.669, 5th Floor, (Erstwhile known as Goodlas Nerolac Paints Limited), Nerolac Aayakar Bhavan, M.K. Marg, House, G.K. Marg, Lower Power, Mumbai-400 020 Mumbai-400 013 PAN : AAACG1376N ASSESSEE RESPONDE…

Kansai Nerolac Paints Ltd, Mumbai vs. DCIT RG 6(2), Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 3642/MUM/2016[2010-11]Status: DisposedITAT Mumbai04 Dec 2023AY 2010-11

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K”, MUMBAI BEFORE SHRI AMIT SHUKLA (JUDICIAL MEMBER) AND Ms. PADMAVATHY S. (ACCOUNTANT MEMBER) I.T.A. No.3384/Mum/2014 - Assessment year: 2008-09 I.T.A. No.3385/Mum/2014 - Assessment year: 2009-10 I.T.A. No.3642/Mum/2016 - Assessment year: 2010-11 I.T.A. No.4562/Mum/2017 - Assessment year: 2011-12 Kansai Nerolac Paints Limited vs Addl CIT, Range 6(2), Mumbai Room No.669, 5th Floor, (Erstwhile known as Goodlas Nerolac Paints Limited), Nerolac Aayakar Bhavan, M.K. Marg, House, G.K. Marg, Lower Power, Mumbai-400 020 Mumbai-400 013 PAN : AAACG1376N ASSESSEE RESPONDE…

Kansai Nerolac Paints Limited (Erstwhile Known As Goodlass Nerolac Paints Limited), Mumbai vs. Addl. CIT, Range 6 (2), Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 3385/MUM/2014[2009-10]Status: DisposedITAT Mumbai04 Dec 2023AY 2009-10

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K”, MUMBAI BEFORE SHRI AMIT SHUKLA (JUDICIAL MEMBER) AND Ms. PADMAVATHY S. (ACCOUNTANT MEMBER) I.T.A. No.3384/Mum/2014 - Assessment year: 2008-09 I.T.A. No.3385/Mum/2014 - Assessment year: 2009-10 I.T.A. No.3642/Mum/2016 - Assessment year: 2010-11 I.T.A. No.4562/Mum/2017 - Assessment year: 2011-12 Kansai Nerolac Paints Limited vs Addl CIT, Range 6(2), Mumbai Room No.669, 5th Floor, (Erstwhile known as Goodlas Nerolac Paints Limited), Nerolac Aayakar Bhavan, M.K. Marg, House, G.K. Marg, Lower Power, Mumbai-400 020 Mumbai-400 013 PAN : AAACG1376N ASSESSEE RESPONDE…

Kansai Nerolac Paints Limited (Erstwhile Known As Goodlass Nerolac Paints Limited), Mumbai vs. Addl CIT, Range 6 (2), Mumbai

Accordingly we see no infirmity in the decision of CIT(A) and uphold the decision of the CIT(A). This ground of the revenue is dismissed

ITA 3384/MUM/2014[2008-09]Status: DisposedITAT Mumbai04 Dec 2023AY 2008-09

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

Section 115Section 143(2)Section 145ASection 35DSection 36(1)(va)Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K”, MUMBAI BEFORE SHRI AMIT SHUKLA (JUDICIAL MEMBER) AND Ms. PADMAVATHY S. (ACCOUNTANT MEMBER) I.T.A. No.3384/Mum/2014 - Assessment year: 2008-09 I.T.A. No.3385/Mum/2014 - Assessment year: 2009-10 I.T.A. No.3642/Mum/2016 - Assessment year: 2010-11 I.T.A. No.4562/Mum/2017 - Assessment year: 2011-12 Kansai Nerolac Paints Limited vs Addl CIT, Range 6(2), Mumbai Room No.669, 5th Floor, (Erstwhile known as Goodlas Nerolac Paints Limited), Nerolac Aayakar Bhavan, M.K. Marg, House, G.K. Marg, Lower Power, Mumbai-400 020 Mumbai-400 013 PAN : AAACG1376N ASSESSEE RESPONDE…

Procter & Gamgle Hygiene& Healthcare, Ltd, Mumbai vs. ACIT Cir 7(1), Mumbai

Appeals are partly allowed

ITA 6591/MUM/2010[2004-05]Status: DisposedITAT Mumbai25 Aug 2023AY 2004-05
For Appellant: Shri Yogesh TharFor Respondent: Shri Gaurav Batham
Section 143(1)Section 143(3)

…ng stock and purchases, if any, as per law after taking into consideration the judgment of Hon’ble Supreme Court in the case of ITA. No. 6591 & 6549/Mum/2010 (AY 2004-05) ITA. No. 2780 & 2849/Mum/2011 (AY 2005-06) CIT Vs. Indo Nippon Chemicals Co. Ltd: [2003] 261 ITR 275 (SC), judgment of Hon’ble Delhi High Court in the case of CIT vs. Mahavir Aluminium Ltd. (297 ITR 77) (Delhi HC), the judgment of Hon’ble Bombay High Court in the case of CIT Vs. Mahalaxmi Glass Works Pvt. Ltd.: [2009] 318 ITR 116 (Bombay) and the decision of the Mumbai Bench of the Tribunal in the case of Hawkins Cookers Vs. ITO (ITA No. 505/Mum…

Addl CIT RG 7(1), Mumbai vs. Proctor & Gamble Hygiene & Healthcare Ltd, Mumbai

Appeals are partly allowed

ITA 6549/MUM/2010[2004-05]Status: DisposedITAT Mumbai25 Aug 2023AY 2004-05
For Appellant: Shri Yogesh TharFor Respondent: Shri Gaurav Batham
Section 143(1)Section 143(3)

…ng stock and purchases, if any, as per law after taking into consideration the judgment of Hon’ble Supreme Court in the case of ITA. No. 6591 & 6549/Mum/2010 (AY 2004-05) ITA. No. 2780 & 2849/Mum/2011 (AY 2005-06) CIT Vs. Indo Nippon Chemicals Co. Ltd: [2003] 261 ITR 275 (SC), judgment of Hon’ble Delhi High Court in the case of CIT vs. Mahavir Aluminium Ltd. (297 ITR 77) (Delhi HC), the judgment of Hon’ble Bombay High Court in the case of CIT Vs. Mahalaxmi Glass Works Pvt. Ltd.: [2009] 318 ITR 116 (Bombay) and the decision of the Mumbai Bench of the Tribunal in the case of Hawkins Cookers Vs. ITO (ITA No. 505/Mum…

Acc Limited, Mumbai vs. DCIT (Ltu), Mumbai

In the result, appeal filed by department is dismissed

ITA 800/MUM/2022[2013-14]Status: DisposedITAT Mumbai30 Jun 2023AY 2013-14

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms Kavitha Rajagopal, Hon'Blem/S. Acc Limited V. Dcit (Ltu) 121, Cement House, M.K. Road 29Th Floor, Center-1 Churchgate, Mumbai-400020 World Trade Centre, Cuffe Parade Mumbai - 400005 Pan: Aaact1507C (Appellant) (Respondent) Asst. Cit – 3(4) V. M/S. Acc Limited 29Th Floor, Center-1 Cement House,121, M.K. Road World Trade Centre, Cuffe Parade Churchgate, Mumbai-400020 Mumbai-400005 Pan: Aaact1507C (Appellant) (Respondent)

Section 14A

…the value prescribed u/s. 145A and the claims/disallowances connected thereto, is Nil. In such a case, there is no necessity for making addition to the value of the closing stock. The decision of the Hon'ble Supreme Court in the case of Indo Nippon Chemicals, 261 ITR 275 supports this position. Further, the decision of the ITAT, Mumbai in the case of Hawkins Cooker Ltd. in ITA No. Page No.98 ITA NO.1171/MUM/2022 (A.Y: 2013-14) M/s. ACC Limited 505/Mum/04 dated 08.08.2008 where the decision of Supreme Court has been considered has decided this matter in support of the Assessee. This issue has also been decided in…

Asst. Commissioner of Income Tax-3(4), Mumbai-400005 vs. M/S. Acc Limited, Mumbai-400020

In the result, appeal filed by department is dismissed

ITA 1171/MUM/2022[2013-14]Status: DisposedITAT Mumbai30 Jun 2023AY 2013-14

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms Kavitha Rajagopal, Hon'Blem/S. Acc Limited V. Dcit (Ltu) 121, Cement House, M.K. Road 29Th Floor, Center-1 Churchgate, Mumbai-400020 World Trade Centre, Cuffe Parade Mumbai - 400005 Pan: Aaact1507C (Appellant) (Respondent) Asst. Cit – 3(4) V. M/S. Acc Limited 29Th Floor, Center-1 Cement House,121, M.K. Road World Trade Centre, Cuffe Parade Churchgate, Mumbai-400020 Mumbai-400005 Pan: Aaact1507C (Appellant) (Respondent)

Section 14A

…the value prescribed u/s. 145A and the claims/disallowances connected thereto, is Nil. In such a case, there is no necessity for making addition to the value of the closing stock. The decision of the Hon'ble Supreme Court in the case of Indo Nippon Chemicals, 261 ITR 275 supports this position. Further, the decision of the ITAT, Mumbai in the case of Hawkins Cooker Ltd. in ITA No. Page No.98 ITA NO.1171/MUM/2022 (A.Y: 2013-14) M/s. ACC Limited 505/Mum/04 dated 08.08.2008 where the decision of Supreme Court has been considered has decided this matter in support of the Assessee. This issue has also been decided in…