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.

DCIT, Circle-1(1)(1), Ahmedabad vs. Adani Enterprises Ltd., Ahmedabad

In the result appeal of the Revenue is hereby partly allowed

ITA 285/AHD/2020[2013-14]Status: DisposedITAT Ahmedabad17 Aug 2022AY 2013-14

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed

For Respondent: Shri Vartik Choksi, A.R
Section 1Section 143(3)

…and the aforesaid method has been consistently followed by the assessee in earlier and succeeding years and the same is tax natural excursive. We further find that the Hon'ble Apex Court in the case of CIT vs. Indo Nippon Chemicals Co. Ltd. reported at (2003) 261 ITR 275 (SC) observed that un-availed MODVAT credit cannot be construed as income and there is no liability to pay tax on such un-availed MODVAT credit. Further, before us, Revenue has not brought any contrary binding decision in its support. In view of the aforesaid facts, we do not see any reason to interfere with the order of the ld.CIT(A). Thus, the…

Adani Enterprises Ltd., Ahmedabad vs. The Dy. Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad

Appeal of the Revenue is hereby dismissed

ITA 2035/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad15 Jul 2022AY 2011-12

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedasstt. Sr.No.

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Shri Vartik Choksi, A.RFor Respondent: Shri Mohd. Usman, C.I.T.DR
Section 143(3)Section 28Section 35Section 92C

…and the aforesaid method has been consistently followed by the assessee in earlier and succeeding years and the same is tax natural excursive. We further find that the Hon'ble Apex Court in the case of CIT vs. Indo Nippon Chemicals Co. Ltd. reported at (2003) 261 ITR 275 (SC) observed that un-availed MODVAT credit cannot be construed as income and there is no liability to pay tax on such un-availed MODVAT credit. Further, before us, Revenue has not brought any contrary binding decision in its support. In view of the aforesaid facts, we do not see any reason to interfere with the order of the ld.CIT(A). Thus, the…

Torrent Pharmaceuticals Ltd., Ahmedabad vs. The Deputy Commissioner of Income Tax (OSD) Circle-8, Ahmedabad

In the result appeal of the Revenue is partly allowed

ITA 1285/AHD/2017[2009-10]Status: DisposedITAT Ahmedabad22 Feb 2022AY 2009-10

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita.No.1285 & 1286/Ahd/2017 िनधा"रण वष"/Asstt. Year: 2009-10 & 2010-11 & Ita No.1396 & 1397/Ahd/2018 Asstt.Year 2011-12 & 2012-13 Torrent Pharmaceuticals Ltd. Acit, Circle-4(1)(2) Torrent House Ahmedabad. Vs. Off.Ashram Road Ahmedabad 380 009. आयकर अपील सं./Ita.No.1327 & 1328/Ahd/2017 िनधा"रण वष"/ Asstt. Year: 2009-10 & 2010-11 & आयकर अपील सं./Ita.No.1414 & 1415/Ahd/2018 िनधा"रण वष"/ Asstt. Year: 2011-12 & 2012-13 Acit, Circle-4(1)(2) Torrent Pharmaceuticals Ltd. Ahmedabad. Torrent House Vs. Off.Ashram Road Ahmedabad 380 009. (Applicant) (Responent) Assessee By : Shri Vartik Choksi, With Shri Biren Shah, Ars. Revenue By : Shri Mohd. Usman, Cit-Dr सुनवाई क" तारीख/Date Of Hearing : 23/11/2021 घोषणा क" तारीख /Date Of Pronouncement: 22/02/2022 आदेश/O R D E R Per Bench

For Appellant: Shri Vartik Choksi, With Shri Biren Shah, ARsFor Respondent: Shri Mohd. Usman, CIT-DR
Section 139(1)Section 143(3)Section 35Section 80Section 92C

…authority. The ld. CIT(A) after relying on the decision of ITAT, Ahmedabad Benches in the case of Alpanil Industries Vs. ACIT, ITA no.169/Ahd/2015 and 170/Ahd/2015 and the judgment of Hon’ble Supreme Court in the case of Indo Nippon Chemicals Ltd. reported in 261 ITR 275 deleted the impugned addition, and allowed the claim of the assessee. Aggrieved Revenue is now before the Tribunal. 60. Before us, the ld. DR relied upon the order of the AO, while the ld. counsel for the assessee supported order of the ld. CIT(A). 61. Having heard both the parties, we have gone through orders of the authorities below and materia…

M/S. Khyati Chemicals Pvt.Ltd., Ahmedabad vs. Dy. CIT, (OSD), Ahmedabad

In the result appeal of the assessee is dismissed

ITA 779/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad13 Dec 2021AY 2011-12

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 884/Ahd/2014 िनधा"रण वष"/Asstt. Year: 2004-05 & आयकर अपील सं./Ita No. 779/Ahd/2015 िनधा"रण वष"/Asstt. Year: 2011-12 M/S Khyati Chemicals Pvt. Ltd., D.C.I.T(Osd), A/7, 4Th Floor, Safai Profitire, Vs. Circle-4, Opp. Auda Garden, Ahmedabad. Prahladnagar, Corporate Road, Satellite, Ahmedabad-380015. Pan: Aaack6277E

For Appellant: NoneFor Respondent: Shri Purushottam Kumar, Sr.D.R
Section 28Section 36(1)Section 36(1)(iii)

…Rs.20,30,909/- being unutilized modvat credit in computation of the total income was mistake apparent from records. Rs.20,30,909/- is not income in view of decision of the Hon’ble Supreme Court in the case of CIT vs. Indo Nippon Chemicals Co. Ltd. reported at 261 ITR 275 and also in view of decision of the Hon’ble Gujarat High Court in the case of Nirma Ind. Ltd. v/s Dy. CIT 283 ITR 429 and CIT vs Unique Industries reported at 307 ITR 350. 4. The appellant without prejudice to above further submits that addition of Rs.20,30,909/- in any event is excessive and the same is required to be substantially reduced. The…

M/S. Khyati Chemicals Pvt. Ltd., Ahmedabad vs. The ACIT(OSD)-I, Circle-4, Ahmedabad

In the result appeal of the assessee is dismissed

ITA 884/AHD/2014[2004-05]Status: DisposedITAT Ahmedabad13 Dec 2021AY 2004-05

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita No. 884/Ahd/2014 िनधा"रण वष"/Asstt. Year: 2004-05 & आयकर अपील सं./Ita No. 779/Ahd/2015 िनधा"रण वष"/Asstt. Year: 2011-12 M/S Khyati Chemicals Pvt. Ltd., D.C.I.T(Osd), A/7, 4Th Floor, Safai Profitire, Vs. Circle-4, Opp. Auda Garden, Ahmedabad. Prahladnagar, Corporate Road, Satellite, Ahmedabad-380015. Pan: Aaack6277E

For Appellant: NoneFor Respondent: Shri Purushottam Kumar, Sr.D.R
Section 28Section 36(1)Section 36(1)(iii)

…Rs.20,30,909/- being unutilized modvat credit in computation of the total income was mistake apparent from records. Rs.20,30,909/- is not income in view of decision of the Hon’ble Supreme Court in the case of CIT vs. Indo Nippon Chemicals Co. Ltd. reported at 261 ITR 275 and also in view of decision of the Hon’ble Gujarat High Court in the case of Nirma Ind. Ltd. v/s Dy. CIT 283 ITR 429 and CIT vs Unique Industries reported at 307 ITR 350. 4. The appellant without prejudice to above further submits that addition of Rs.20,30,909/- in any event is excessive and the same is required to be substantially reduced. The…

Ganesh Benzoplast Ltd., Mumbai vs. DCIT - 1(1), Mumbai

In the result, the appeal filed by the revenue is dismissed and the assessee appeal is allowed

ITA 6351/MUM/2017[2010-11]Status: DisposedITAT Mumbai07 Jun 2021AY 2010-11

Bench: Shri S Rifaur Rahman & Shri Pavan Kumar Gadalesrl

For Appellant: Shri Haridas Bhatt, ARFor Respondent: Shri TS Khalsa, DR
Section 143(2)Section 143(3)Section 145ASection 14ASection 50C

…een debited to Profit and loss account. It is only reflected in the balance sheet in the assets side. Therefore, cannot be treated as income at all. Further, he is also relying on the Hon’ble Supreme Court decision in the case of CIT Vs. Indo Nippon Chemicals 261 ITR 275 wherein it is held as under Modvat credit available to manufacturers upon purchase of duty paid raw material though irreversible does not amount o chargeable income. ” We find that the LdCIT(A) has followed the Hon’ble Supreme Court decision and has dealt on the provisions, facts and Modvat issues and granted the relief. The Ld.DR also accepts t…

The DCIT, Circle-1, Ahmedabad vs. Aia Engineering Ltd., Ahmedabad

In the result, ITA Appeals 1766/Ahd/12, 2342/Ahd/15, 2343/Ahd/2015,

ITA 1766/AHD/2012[2008-09]Status: DisposedITAT Ahmedabad04 Jan 2021AY 2008-09
For Appellant: Shri T.P. Hemani, Sr. A.R. &For Respondent: Shri Vinod Tanwani, Sr. D.R
Section 143(2)Section 143(3)

…sessment year in the case of the assessee for assessment year 2006-07. The assessee has followed exclusive method of accounting. The ld. counsel has also placed reliance on the decision of Hon’ble Supreme Court in the case of CIT vs. Indo Nippon Chemical Ltd. 261 ITR 275 (SC), decision of Hon’ble Gujarat High Court in the case of ACIT vs. Narmada Chemmatur Petrochemical 327 ITR 369 (Guj) and decision of ITAT Ahmedabad in the case of the assessee itself vide ITA No. 1122/Ahd/2015. With the assistance of ld. authorized representatives, we have gone through the decision of Hon’ble ITAT Ahmedabad in the case of the a…

Aia Engineering Ltd., Ahmedabad vs. The Dy.CIT., Circle-1, Ahmedabad

In the result, ITA Appeals 1766/Ahd/12, 2342/Ahd/15, 2343/Ahd/2015,

ITA 1757/AHD/2012[2008-09]Status: DisposedITAT Ahmedabad04 Jan 2021AY 2008-09
For Appellant: Shri T.P. Hemani, Sr. A.R. &For Respondent: Shri Vinod Tanwani, Sr. D.R
Section 143(2)Section 143(3)

…sessment year in the case of the assessee for assessment year 2006-07. The assessee has followed exclusive method of accounting. The ld. counsel has also placed reliance on the decision of Hon’ble Supreme Court in the case of CIT vs. Indo Nippon Chemical Ltd. 261 ITR 275 (SC), decision of Hon’ble Gujarat High Court in the case of ACIT vs. Narmada Chemmatur Petrochemical 327 ITR 369 (Guj) and decision of ITAT Ahmedabad in the case of the assessee itself vide ITA No. 1122/Ahd/2015. With the assistance of ld. authorized representatives, we have gone through the decision of Hon’ble ITAT Ahmedabad in the case of the a…

Blue Bugget Jewels P. Ltd, Mumbai vs. Asst CIT 5(1), Mumbai

Accordingly ground no. 2 raised by the assessee is allowed

ITA 1782/MUM/2013[2009-10]Status: DisposedITAT Mumbai11 Dec 2020AY 2009-10

Bench: Shri S. Rifaur Rahman, Am & Shri Pavan Kumar Gadale, Jm आयकरअपीलसं./ I.T.A. No. 1782/Mum/2013 (निर्धारणवर्ा / Assessment Year: 2009-10)

For Appellant: Shri K. Gopal & Ms. NehaFor Respondent: Mrs Kavita P. Kaushik, DR
Section 131Section 143(3)Section 145(3)

…n discrepancies were found in the books of account and no stock register for gunny bags, diesel consumption as well as consumable stores like sulphur, salt and lime, etc., were not open for proper verification. In "CIT vs. Indo Nippon Chemicals Co. Ltd [2003] 261 ITR 275 (SC)" the issue was with regard to valuation of stock and there was no rejection of accounts u/s 145(3) of the Act. In "Amba Rice mills vs. CIT [2010] 325 ITR 33 (Punjab & Haryana)", again the question of rejection of books of account never existed and the case was decided on peculiar facts. It is submitted that none of the above decisions applie…

The ACIT, Circle-2(1)(2), Ahmedabad vs. Mahavir Inducto Melt Pvt. Ltd., Ahmedabad

In the result, the appeal of the Revenue is dismissed

ITA 1098/AHD/2018[2006-07]Status: DisposedITAT Ahmedabad20 Oct 2020AY 2006-07

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri Aseem L. Thakkar, A.RFor Respondent: Shri Dileep Kumar, Sr.D.R
Section 145A

…credited to the Profit & Loss account and the aforesaid method has been consistently followed by the assessee in earlier and succeeding years. We further find that the Hon'ble Apex Court in the case of CIT vs. Indo Nippon Chemicals Co. Ltd. reported at (2003) 261 ITR 275 (SC) observed that unavailed MOD VAT credit cannot be construed as income and there is no liability to pay tax on such unavailed MODVAT credit. Further, before us, Revenue has not brought any contrary binding decision in its support. In view of the aforesaid facts, we do not see any reason to interfere with the order of the ld.CIT(A). Thus, the g…

Essel Propack Limited, Mumbai vs. Deputy Commissioner of Income Tax Range-6(3)(2), Mumbai

In the result appeal of the assessee is partly allowed

ITA 2068/MUM/2016[2011-12]Status: DisposedITAT Mumbai27 May 2020AY 2011-12

Bench: Shri Shamim Yahya & Shri Pawan Singhessel Propack Limited, Vs Deputy Commissioner Of Top Floor, Times Tower, Income Tax Range-6(3)(2), Room No. 563, 5Th Floor, Kamala City, Senapati Bapat Marg, Lower Parel, Aayakar Bhawan, M.K. Road, Mumbai-400013 Mumbai-400020. Pan : Aaace 1568L Appellant Respondednt

Section 14Section 143(3)Section 14ASection 36Section 36(1)(iii)

…Cenvat credit. Had once that included in the purchases ultimately there is no effect on the profit and understatement of the profit would not arise. Similar view has been taken by the Hon'ble Supreme Court in the case of CIT vs. Indo Nippon Chemicals Co. Ltd. 261 ITR 275. Similar view was also taken by the Hon'ble Calcutta High Court in the case of CIT vs. Berger Paints India Ltd. 264 ITR 503. The Hon'ble Bombay High Court in the case of CIT vs. Mahalaxmi Glass Works (P) Ltd. 318 ITR 116 following the Hon'ble Delhi High Court decision in the case of Mahavir Alluminimum Limited 297 ITR 77 held that to give effect…

Asst CIT(Ltu) 1, Mumbai vs. Aditya Birla Nuvo Ltd, Mumbai

In the result, appeal of the Revenue is partly allowed for statistical purpose

ITA 4704/MUM/2015[2010-11]Status: DisposedITAT Mumbai24 Feb 2020AY 2010-11

Bench: Shri Vikas Awasthy & Shri N.K.Pradhanaditya Birla Nuvo Limited, A4, Aditya Birla Center, S.K.Ahire Marg, Worli, Mumbai 400 020 Pan:Aaaci 1747H ...... Appellant Vs. Addl. Commissioner Of Income Tax- Ltu-1 World Trade Centre, 29Th Floor, Centre -1, Cuffe Parade, Mumbai 400 005. ..... Respondent Asstt. Commissioner Of Income Tax- Ltu-1 World Trade Centre, 29Th Floor, Centre -1, Cuffe Parade, Mumbai 400 005. ..... Appellant

For Appellant: S/Shri Jahangir D. Mistri/For Respondent: Shri Anand Mohan
Section 14ASection 14A(2)Section 8D(2)

…CIT(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 Ben…

Siemens Ltd, Mumbai vs. JCIT Sp RG 30, Mumbai

Accordingly ground raised by the assessee is allowed for statistical purposes

ITA 2018/MUM/2011[1997-98]Status: DisposedITAT Mumbai10 Dec 2019AY 1997-98

Bench: Shri S. Rifaur Rahman, Am & Shri Ram Lal Negi, Jm आयकरअपीलसं./ I.T.A. No. 2018/Mum/2011 (निर्धारणवर्ा / Assessment Year: 1997-98)

For Appellant: Shri Nitesh Joshi, ARFor Respondent: Shri T. Kipgen, DR
Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI S. RIFAUR RAHMAN, AM & SHRI RAM LAL NEGI, JM आयकरअपीलसं./ I.T.A. No. 2018/Mum/2011 (निर्धारणवर्ा / Assessment Year: 1997-98) ACIT Range – 7(2), M/s Siemens Ltd. बिधम/ Aayakar Bhavan, 130, Pandurang Budhkar, M. K. Road, Worli, Mumbai-400 018 Vs. Mumbai-400 020 स्थायीलेखासं./जीआइआरसं./PAN No. AAACS0764L (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant by : Shri Nitesh Joshi, AR प्रत्यथीकीओरसे/Respondentby : Shri T. Kipgen, DR सुनवाईकीतारीख/ : 25.09.2019 Date of Hearing घोषणाकीतारीख / : 10.12.2019 Date of Pronouncement आदेश /…

DCIT, New Delhi vs. M/S Ircon International Ltd., New Delhi

In the result, all the three appeals of the assessee for A

ITA 3805/DEL/2008[2003-04]Status: DisposedITAT Delhi31 Oct 2019AY 2003-04

Bench: : Shri Bhavnesh Saini & Shri O.P. Kant

Section 80HSection 80I

…the Courts has also found favour in the judgments of the Supreme ITA Nos. 1825/Del/2005, 705/Del/2006 & 3804/Del/2008 AND ITA Nos. 19 2234/Del/2005 & 3805/Del/2008 Court in the cases of CIT vs. Indo Nippon Chemicals Co. Ltd. (2003) 182 CTR (SC) 291 : (2003) 261 ITR 275 (SC) at p. 277(D- E) and CIT vs. U.P. State Industrial Development Corporation (1997) 139 CTR (SC) 267 : (1997) 225 ITR 703 (SC) and also the judgment of a Division Bench of this Court in CIT vs. Woodward Governor India (P) Ltd. & Ors. (2007) 210 CTR (Del) 354 : (2007) 294 ITR 451 (Del) at p. 463-464 (paras 15-16). The observations of UPSIDC bein…

Ircon International Ltd., New Delhi vs. DCIT, Circle-11(1), Delhi

In the result, all the three appeals of the assessee for A

ITA 705/DEL/2006[2002-2003]Status: DisposedITAT Delhi31 Oct 2019AY 2002-2003

Bench: : Shri Bhavnesh Saini & Shri O.P. Kant

Section 80HSection 80I

…the Courts has also found favour in the judgments of the Supreme ITA Nos. 1825/Del/2005, 705/Del/2006 & 3804/Del/2008 AND ITA Nos. 19 2234/Del/2005 & 3805/Del/2008 Court in the cases of CIT vs. Indo Nippon Chemicals Co. Ltd. (2003) 182 CTR (SC) 291 : (2003) 261 ITR 275 (SC) at p. 277(D- E) and CIT vs. U.P. State Industrial Development Corporation (1997) 139 CTR (SC) 267 : (1997) 225 ITR 703 (SC) and also the judgment of a Division Bench of this Court in CIT vs. Woodward Governor India (P) Ltd. & Ors. (2007) 210 CTR (Del) 354 : (2007) 294 ITR 451 (Del) at p. 463-464 (paras 15-16). The observations of UPSIDC bein…

DCIT, Circle-11(1) vs. Ircon International Ltd

In the result, all the three appeals of the assessee for A

ITA 2234/DEL/2005[2001-2002]Status: DisposedITAT Delhi31 Oct 2019AY 2001-2002

Bench: : Shri Bhavnesh Saini & Shri O.P. Kant

Section 80HSection 80I

…the Courts has also found favour in the judgments of the Supreme ITA Nos. 1825/Del/2005, 705/Del/2006 & 3804/Del/2008 AND ITA Nos. 19 2234/Del/2005 & 3805/Del/2008 Court in the cases of CIT vs. Indo Nippon Chemicals Co. Ltd. (2003) 182 CTR (SC) 291 : (2003) 261 ITR 275 (SC) at p. 277(D- E) and CIT vs. U.P. State Industrial Development Corporation (1997) 139 CTR (SC) 267 : (1997) 225 ITR 703 (SC) and also the judgment of a Division Bench of this Court in CIT vs. Woodward Governor India (P) Ltd. & Ors. (2007) 210 CTR (Del) 354 : (2007) 294 ITR 451 (Del) at p. 463-464 (paras 15-16). The observations of UPSIDC bein…

Ircon International Limited, New Delhi vs. ACIT, New Delhi

In the result, all the three appeals of the assessee for A

ITA 3804/DEL/2008[2003-04]Status: DisposedITAT Delhi31 Oct 2019AY 2003-04

Bench: : Shri Bhavnesh Saini & Shri O.P. Kant

Section 80HSection 80I

…the Courts has also found favour in the judgments of the Supreme ITA Nos. 1825/Del/2005, 705/Del/2006 & 3804/Del/2008 AND ITA Nos. 19 2234/Del/2005 & 3805/Del/2008 Court in the cases of CIT vs. Indo Nippon Chemicals Co. Ltd. (2003) 182 CTR (SC) 291 : (2003) 261 ITR 275 (SC) at p. 277(D- E) and CIT vs. U.P. State Industrial Development Corporation (1997) 139 CTR (SC) 267 : (1997) 225 ITR 703 (SC) and also the judgment of a Division Bench of this Court in CIT vs. Woodward Governor India (P) Ltd. & Ors. (2007) 210 CTR (Del) 354 : (2007) 294 ITR 451 (Del) at p. 463-464 (paras 15-16). The observations of UPSIDC bein…

Ircon International Ltd vs. Addl. CIT, Range-11

In the result, all the three appeals of the assessee for A

ITA 1825/DEL/2005[2001-2002]Status: DisposedITAT Delhi31 Oct 2019AY 2001-2002

Bench: : Shri Bhavnesh Saini & Shri O.P. Kant

Section 80HSection 80I

…the Courts has also found favour in the judgments of the Supreme ITA Nos. 1825/Del/2005, 705/Del/2006 & 3804/Del/2008 AND ITA Nos. 19 2234/Del/2005 & 3805/Del/2008 Court in the cases of CIT vs. Indo Nippon Chemicals Co. Ltd. (2003) 182 CTR (SC) 291 : (2003) 261 ITR 275 (SC) at p. 277(D- E) and CIT vs. U.P. State Industrial Development Corporation (1997) 139 CTR (SC) 267 : (1997) 225 ITR 703 (SC) and also the judgment of a Division Bench of this Court in CIT vs. Woodward Governor India (P) Ltd. & Ors. (2007) 210 CTR (Del) 354 : (2007) 294 ITR 451 (Del) at p. 463-464 (paras 15-16). The observations of UPSIDC bein…

DCIT - 1(1)(2), Mumbai vs. Ganesh Benzoplast Ltd., Mumbai

In the result, the appeal filed by the revenue is hereby ordered to be dismissed

ITA 2886/MUM/2017[2011-12]Status: DisposedITAT Mumbai31 Jul 2019AY 2011-12

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.2886/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2011-12) Dcit-1(1)(2) बिधम/ M/S. Ganesh Benzoplast Ltd. 1St Floor, Dina Building-53, 579, Aayakar Bhawan, M.K. Vs. Road, Mumbai-400020. M.K. Road, Mumbai- 400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacg1259J (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri Chaudhary Arun Kumar Singh Assessee By: Shri Haridas Bhat सुनवाई की तारीख / Date Of Hearing: 22/07/2019 घोषणा की तारीख /Date Of Pronouncement: 31/07/2019 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 23.01.2017 Passed By The Commissioner Of Income Tax (Appeals) -2, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2011- 12. 2. The Revenue Has Raised The Following Grounds: -

For Appellant: Shri Haridas BhatFor Respondent: Shri Chaudhary Arun Kumar
Section 143(2)Section 145Section 145A

…evant to the A.Y.2011- 12. 2. The revenue has raised the following grounds: - "1. "Whether on the facts and circumstances and in law, whether the Id CIT(A) erred in relying on the decision of Hon’ble Supreme court in the case of CIT Vs Indo Nippon Chemicals 261 ITR 275 which is distinguishable on facts in as much as the decision was rendered in the context of Section 145 of the IT Act for Assessment Year 1989-90 and not A.Y.2011-12 in the context of Section 145A of the I T Act which did not exist for AY 1989-90." 2. "Whether on the facts and circumstances and in law, whether the Id CIT(A) erred in deleted the…

Kisan Discretionary Family Trust, Ahmedabad vs. The ACIT., Circle-10, Ahmedabad

In the result, the appeal is allowed in the terms indicated above

ITA 324/AHD/2012[1999-00]Status: DisposedITAT Ahmedabad15 Jul 2019AY 1999-00

Bench: A Coordinate Bench Of This Tribunal In The First Round, The Matter Was Remitted To The File Of The Assessing Officer With The Observations As Follows:

Section 143(3)Section 145Section 145A

…als), further observed that the reliance of the assessee on Mumbai High Court’s decision in the case of CIT vs. Indo Nippon Chemicals Co.Ltd. 245 ITR 384 (Mum.) which was upheld by the Hon'ble Supreme Court in the case of CIT vs. Indo Nippon Chemicals Co.Ltd. 261 ITR 275, is fully justified. Accordingly, he deleted the addition of Rs.18.84 crores made by the Assessing Officer on account of understatement of profit by way of including MODVAT credit in valuation of purchases. 14. The Ld. Departmental Representative supported the order of the Assessing Officer, whereas Ld. Authorised Representative of the assessee…