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.

The DCIT, 1(1), Indore vs. M/S Mittal Corp. Ltd., Mumbai

In the result, both the appeals of the revenue stand

ITA 660/IND/2013[2009-10]Status: DisposedITAT Indore27 Jun 2018AY 2009-10

Bench: Shri Kul Bharat, Hon’Ble & Shri Manish Borad, Hon’Ble

Section 143(2)Section 143(3)Section 145ASection 36(1)(iii)Section 40A

…sessee relied upon the findings of the learned Commissioner of DCIT vs. M/s Mittal Corporation ITA Nos.480 660/Ind/2013 Income Tax (Appeals) and also relied upon the judgment of the Hon'ble Supreme Court in the case of CIT vs. Indo Nippon Chemicals Limited; 261 ITR 275. 7. We have heard both the parties and perused the material available on record. The issue before us relates to addition towards undervaluation of closing stock. The learned Assessing Officer observing that the assessee has not included the excise duty while valuing the stock of scrap, applied provisions of section 145A of the Act and calculated…

The DCIT, 1(1), Indore vs. M/S. Mittal Corporation Ltd., Pithampur

In the result, both the appeals of the revenue stand

ITA 480/IND/2013[2008-09]Status: DisposedITAT Indore27 Jun 2018AY 2008-09

Bench: Shri Kul Bharat, Hon’Ble & Shri Manish Borad, Hon’Ble

Section 143(2)Section 143(3)Section 145ASection 36(1)(iii)Section 40A

…sessee relied upon the findings of the learned Commissioner of DCIT vs. M/s Mittal Corporation ITA Nos.480 660/Ind/2013 Income Tax (Appeals) and also relied upon the judgment of the Hon'ble Supreme Court in the case of CIT vs. Indo Nippon Chemicals Limited; 261 ITR 275. 7. We have heard both the parties and perused the material available on record. The issue before us relates to addition towards undervaluation of closing stock. The learned Assessing Officer observing that the assessee has not included the excise duty while valuing the stock of scrap, applied provisions of section 145A of the Act and calculated…

Mahindra World City Developers Ltd., Chennai vs. ACIT, Chennai

In the result, the corresponding grounds of the assessee are

ITA 2086/CHNY/2016[2012-13]Status: DisposedITAT Chennai27 Jun 2018AY 2012-13

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकरअपीलसं/.I.T.A. Nos. 2084, 2085 & 2086/Chny/2016 "नधा"रणवष"/Assessment Years : 2010-11 To 2012-13

For Respondent: Mrs. Ruby George, CIT
Section 14A

…183-186, in particular, observations at page 185(H) to page 186(D). 16.10 The applicability of the principles of accountancy by the courts has also found favour in the judgments of the Supreme Court in the cases of CIT v. Indo Nippon Chemicals Co. Ltd. [2003] 261 ITR 275 at page 277 (D-E) & CIT v. U.P State Industrial Development Corpn. [1997] 225 ITR 703 and also the judgment of a Division Bench of this Court in CIT v. Woodward Governor India (P) Ltd. [2007] 294 ITR 451 at pages 463-464. The observations of UPSIDC being apposite are extracted hereinbelow:- "In our opinion, this contention is devoid of force. The…

Mahindra World City Developers Ltd., Chennai vs. ACIT, Chennai

In the result, the corresponding grounds of the assessee are

ITA 2085/CHNY/2016[2011-12]Status: DisposedITAT Chennai27 Jun 2018AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकरअपीलसं/.I.T.A. Nos. 2084, 2085 & 2086/Chny/2016 "नधा"रणवष"/Assessment Years : 2010-11 To 2012-13

For Respondent: Mrs. Ruby George, CIT
Section 14A

…183-186, in particular, observations at page 185(H) to page 186(D). 16.10 The applicability of the principles of accountancy by the courts has also found favour in the judgments of the Supreme Court in the cases of CIT v. Indo Nippon Chemicals Co. Ltd. [2003] 261 ITR 275 at page 277 (D-E) & CIT v. U.P State Industrial Development Corpn. [1997] 225 ITR 703 and also the judgment of a Division Bench of this Court in CIT v. Woodward Governor India (P) Ltd. [2007] 294 ITR 451 at pages 463-464. The observations of UPSIDC being apposite are extracted hereinbelow:- "In our opinion, this contention is devoid of force. The…

Mahindra World City Developers Ltd., Chennai vs. ACIT, Chennai

In the result, the corresponding grounds of the assessee are

ITA 2084/CHNY/2016[2010-11]Status: DisposedITAT Chennai27 Jun 2018AY 2010-11

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकरअपीलसं/.I.T.A. Nos. 2084, 2085 & 2086/Chny/2016 "नधा"रणवष"/Assessment Years : 2010-11 To 2012-13

For Respondent: Mrs. Ruby George, CIT
Section 14A

…183-186, in particular, observations at page 185(H) to page 186(D). 16.10 The applicability of the principles of accountancy by the courts has also found favour in the judgments of the Supreme Court in the cases of CIT v. Indo Nippon Chemicals Co. Ltd. [2003] 261 ITR 275 at page 277 (D-E) & CIT v. U.P State Industrial Development Corpn. [1997] 225 ITR 703 and also the judgment of a Division Bench of this Court in CIT v. Woodward Governor India (P) Ltd. [2007] 294 ITR 451 at pages 463-464. The observations of UPSIDC being apposite are extracted hereinbelow:- "In our opinion, this contention is devoid of force. The…

The ACIT, Circle-7(2), Ahmedabad vs. M/S. Isotex Corporation, Ahmedabad

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

ITA 2479/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad24 May 2018AY 2012-13

Bench: Shri Waseem Ahmed & Shri Mahavir Prasadआयकर अपील सं./I.T.A. No.2479/Ahd/2016 ("नधा"रण वष" / Assessment Year : 2012-13) Asst. Cit, M/S. Isotex बनाम/ Cir – 7(2), Corporation, Vs. Ahmedabad. 181/283, Gidc Industrial Estate, Naroda, Ahmedabad – 382 345 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaafi 3041 F .. (अपीलाथ" /Appellant) (""यथ" / Respondent) अपीलाथ" ओर से / Appellant By : Dr. Jayant Jhveri, Sr.D.R. ""यथ" क" ओर से/Respondent By : Shri S. N. Divatia (Adv.)

For Appellant: Dr. Jayant Jhveri, Sr.D.RFor Respondent: Shri S. N. Divatia (Adv.)
Section 145A

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘lh lhlh lh’ अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ C ” BENCH, AHMEDABAD ds le{kA LoZJh oZJh oZJh olhe vgen oZJh olhe vgen olhe vgen] ys[kk lnL; ,oa olhe vgen ] ys[kk lnL; ,oa ] ys[kk lnL; ,oa egkohj izlkn ] ys[kk lnL; ,oa egkohj izlkn egkohj izlkn] U;kf;d lnL; egkohj izlkn ] U;kf;d lnL; ] U;kf;d lnL; ds le{kA ] U;kf;d lnL; ds le{kA ds le{kA BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER And SHRI MAHAVIR PRASAD, JUDICIAL MEMBER आयकर अपील सं./I.T.A. No.2479/Ahd/2016 ("नधा"रण वष" / Assessment Year : 2012-13) Asst. CIT, M/s. ISOTEX बनाम/ Cir – 7(2), CORPORATION, Vs. Ahme…

DCIT CIT 6(3), Mumbai vs. Mahindra Ugine Steel Co. Ltd, Mumbai

Appeal stands dismissed

ITA 6659/MUM/2014[2009-10]Status: DisposedITAT Mumbai11 Apr 2018AY 2009-10

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. No.6659/Mum/2014 (िनधा"रण वष" / Assessment Year: 2009-10) Deputy Commissioner Of Income Tax Mahindra Cie Automotive Limited Circle-7(2)(1) (The Merged Entity Of Mahindra Ugine Steel Co.Ltd) 74,Ganesh Apartment Room No.338,3Rd Floor बनाम/ Opp.Sitladevi Temple Aaykar Bhavan,M.K.Road Vs. Lady Jamshedji Road, Mahim Mumbai-400 020 Mumbai-400 016 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacm-4998-G/Aabcm-6632-J (अपीलाथ" /Appellant) (""थ" / Respondent) : & Cross Objection No.96/Mum/2016 (िनधा"रण वष" / Assessment Year: 2009-10) Mahindra Cie Automotive Limited Assistant Commissioner Of (The Merged Entity Of Mahindra Ugine Steel Co.Ltd) Income Tax Range-6(3) बनाम/ Mahindra Towers,1St Floor Room No.573,5Th Floor Vs. Dr.G.M.Bhosale Marg, Worli Aaykar Bhavan, M.K.Road Mumbai-400 018 Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aabcm-6632-J/Aaacm-4998-G (अपीलाथ" /Appellant) (""थ" / Respondent) :

For Appellant: H.P.Mahajani & Prasad Bapat,Ld.AR’sFor Respondent: Saurabh Kumar Rai, Ld.DR
Section 143(3)Section 251(1)(a)Section 36Section 36(1)(iii)

…ounting is adopted or inclusive method of accounting is adopted, the net result would be the same and there is no difference in profit. The learned Counsel for the respondent relied upon the judgment in the case of CIT v. Indo Nippon Chemicals Co. Ltd. [2003] 261 ITR 275/130 Taxman 179 (SC). 5. We have considered the submissions. It is not disputed that the assessee was liable to excise duty. The assessee got credit in the excise duty already paid on the raw ITA No.6659/Mum/2014 &Co.No.96/Mum/2016 Mahindra Ugine Steel Co.Ltd Assessment Year 2009-10 materials purchased by it and utilized in the manufacturing of e…

Pennwalt Ltd, Navi Mumbai vs. DCIT Cir 7(1), Mumbai

The appeals of the Assessee are partly allowed

ITA 6853/MUM/2012[2009-10]Status: DisposedITAT Mumbai04 Apr 2018AY 2009-10

Bench: Sri Mahavir Singh, Jm & Sri G. Manjunatha, Am

For Appellant: Nitesh Joshi, ARFor Respondent: V. Vidhydhar, DR
Section 143(3)

…Hon’ble Bombay High Court in the case of CIT vs Diamond Dye Chem Ltd. in Income Tax Appeal No. 146 of 2015 dated 07-07-2017, whereby the Hon’ble Bombay High Court has followed the Hon’ble Supreme Court decision in the case of CIT vs. Nippon Chemicals Co. Ltd 261 ITR 275 and held that the amount of Modvat credit was irreversible credit offered to manufacturers upon purchase of duty paid raw materials and that would not amount to income. Hon’ble High Court observed in Para 5 and 6 as under : - "5. We have considered the submissions. It is not disputed that the assessee was liable to excise duty. The assessee got…

Penwalt Ltd, Navi Mumbai vs. Addl CIT Cir 7(1), Mumbai

The appeals of the Assessee are partly allowed

ITA 631/MUM/2012[2006-07]Status: DisposedITAT Mumbai04 Apr 2018AY 2006-07

Bench: Sri Mahavir Singh, Jm & Sri G. Manjunatha, Am

For Appellant: Nitesh Joshi, ARFor Respondent: V. Vidhydhar, DR
Section 143(3)

…Hon’ble Bombay High Court in the case of CIT vs Diamond Dye Chem Ltd. in Income Tax Appeal No. 146 of 2015 dated 07-07-2017, whereby the Hon’ble Bombay High Court has followed the Hon’ble Supreme Court decision in the case of CIT vs. Nippon Chemicals Co. Ltd 261 ITR 275 and held that the amount of Modvat credit was irreversible credit offered to manufacturers upon purchase of duty paid raw materials and that would not amount to income. Hon’ble High Court observed in Para 5 and 6 as under : - "5. We have considered the submissions. It is not disputed that the assessee was liable to excise duty. The assessee got…

Pennwalat Ltd, Navi Mumbai vs. Addl CIT Cir 7(1), Mumbai

The appeals of the Assessee are partly allowed

ITA 928/MUM/2011[2007-08]Status: DisposedITAT Mumbai04 Apr 2018AY 2007-08

Bench: Sri Mahavir Singh, Jm & Sri G. Manjunatha, Am

For Appellant: Nitesh Joshi, ARFor Respondent: V. Vidhydhar, DR
Section 143(3)

…Hon’ble Bombay High Court in the case of CIT vs Diamond Dye Chem Ltd. in Income Tax Appeal No. 146 of 2015 dated 07-07-2017, whereby the Hon’ble Bombay High Court has followed the Hon’ble Supreme Court decision in the case of CIT vs. Nippon Chemicals Co. Ltd 261 ITR 275 and held that the amount of Modvat credit was irreversible credit offered to manufacturers upon purchase of duty paid raw materials and that would not amount to income. Hon’ble High Court observed in Para 5 and 6 as under : - "5. We have considered the submissions. It is not disputed that the assessee was liable to excise duty. The assessee got…

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

…sales and purchases and it is not necessary that opening stock should also be disturbed. It was held that the provisions of section 145A were applicable. Till the amendment, in view of the decision of Supreme Court in the case of Indian Nippon Chemicals Ltd. 261 ITR 275, it could not be done upto AY 1998-99. Opening stock was not to be disturbed as it represented the closing stock of the preceding year when the amended provisions did not apply. Accordingly, respectfully following the said order, the AO is directed to recompute the profits after making adjustments accordingly.” 2.3 Before us, the Ld. counsels of…

M/S. Kansai Nerolac Paints Ltd ( Erstwhile Known As Goodlass Nerolac Paints Ltd), Mumbai vs. The DCIT RG 6(3)

In the result, the appeal for the AY 2005-06 is partly allowed

ITA 212/MUM/2008[2004-2005]Status: DisposedITAT Mumbai19 Mar 2018AY 2004-2005

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2004-05 Kansai Nerolac Paints Ltd. Dcit, Range 6(3) (Erstwhile Known As Room No. 576, Vs. Goodlass Nerolac Paints Ltd.) Aayakar Bhavan, M.K. Nerolac House, G.K. Marg, Marg, Lower Parel, Mumbai-400020. Mumbai-400013. Pan No. Aaacg1376N (Appellant) (Respondent) Assessment Year: 2005-06 & Assessment Year: 2006-07 Kansai Nerolac Paints Ltd. Addl. Cit, Range 6(2) (Erstwhile Known As Aayakar Bhavan, M.K. Vs. Goodlass Nerolac Paints Ltd.) Marg, Nerolac House, G.K. Marg, Mumbai-400020. Lower Parel, Mumbai-400013. Pan No. Aaacg1376N (Appellant) (Respondent) Assessee By : Mrs. Arati Vissanji, Ar Revenue By : Ms. Pooja Swaroop, Dr Date Of Hearing : 02/02/2018 Date Of Pronouncement: 19/03/2018

For Appellant: Mrs. Arati Vissanji, ARFor Respondent: Ms. Pooja Swaroop, DR
Section 143(3)

…ock. b. disregarding the fact that excise duty paid through purchases (on which modvat credit is available) is not debited to the profit and loss account. c. not following the decision of honourable Supreme Court in the case of Indo-Nippon Chemicals Co. Ltd. (261 ITR 275). 6.1 During the course of assessment proceedings, the assessee submitted before the AO that the unutilized MODVAT credit is Rs.3,93,57,213/- as on 31.03.2004 vis-a-vis the unutilized MODVAT credit of Rs.3,58,57,580/- as on 01.04.2003. The differential unutilized MODVAT credit is Rs.34,99,633/-. The purchases are accounted for net of MODVAT credi…

Maharashtra Stae Road Development Corporation Td, Mumbai vs. DCIT 5(2), Mumbai

ITA 4900/MUM/2011[2002-03]Status: DisposedITAT Mumbai25 Jan 2018AY 2002-03

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Years: 2002-03 Dcit-5(2), M/S Maharashtra State Road R. No.571, Development Corporation बनाम/ Aayakar Bhavan, Limited, Vs. M.K. Road, Pwd Compound, Near Mumbai-400020 Priyadarshni Park, Nepeansea Road, Mumbai-400036 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaacm6833C Assessment Years: 2002-03 M/S Maharashtra State Dcit-5(2), Road Development R. No.571, बनाम/ Corporation Limited, Aayakar Bhavan, Vs. Pwd Compound, Near M.K. Road, Priyadarshni Park, Mumbai-400020 Nepeansea Road, Mumbai-400036 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaacm6833C "नधा"रती क" ओर से / Assessee By Shri B.S. Sharma & Shri Dalpat Shah राज"व क" ओर से / Revenue By Shri Narendra Singh Janpangi-Dr

Section 139Section 142Section 143Section 147Section 148

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘बी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, ‘B’ MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी राजेश कुमार, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Rajesh Kumar, Accountant Member Assessment Years: 2002-03 DCIT-5(2), M/s Maharashtra State Road R. No.571, Development Corporation बनाम/ Aayakar Bhavan, Limited, Vs. M.K. Road, PWD Compound, Near Mumbai-400020 Priyadarshni Park, Nepeansea Road, Mumbai-400036 (राज"व /Revenue) ("नधा"रती /Assessee) PAN. No.AAACM6833C Assessment Years: 2002-03 M/s Maharashtra State DCIT-5(2), Road Develo…

DCIT 5(2), Mumbai vs. Maharashtra State Road Development Corporation Ltd, Mumbai

ITA 4519/MUM/2011[2002-03]Status: DisposedITAT Mumbai25 Jan 2018AY 2002-03

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Years: 2002-03 Dcit-5(2), M/S Maharashtra State Road R. No.571, Development Corporation बनाम/ Aayakar Bhavan, Limited, Vs. M.K. Road, Pwd Compound, Near Mumbai-400020 Priyadarshni Park, Nepeansea Road, Mumbai-400036 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aaacm6833C Assessment Years: 2002-03 M/S Maharashtra State Dcit-5(2), Road Development R. No.571, बनाम/ Corporation Limited, Aayakar Bhavan, Vs. Pwd Compound, Near M.K. Road, Priyadarshni Park, Mumbai-400020 Nepeansea Road, Mumbai-400036 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaacm6833C "नधा"रती क" ओर से / Assessee By Shri B.S. Sharma & Shri Dalpat Shah राज"व क" ओर से / Revenue By Shri Narendra Singh Janpangi-Dr

Section 139Section 142Section 143Section 147Section 148

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘बी’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, ‘B’ MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी राजेश कुमार, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Rajesh Kumar, Accountant Member Assessment Years: 2002-03 DCIT-5(2), M/s Maharashtra State Road R. No.571, Development Corporation बनाम/ Aayakar Bhavan, Limited, Vs. M.K. Road, PWD Compound, Near Mumbai-400020 Priyadarshni Park, Nepeansea Road, Mumbai-400036 (राज"व /Revenue) ("नधा"रती /Assessee) PAN. No.AAACM6833C Assessment Years: 2002-03 M/s Maharashtra State DCIT-5(2), Road Develo…

Patel Alloy Steel Pvt.Ltd., Ahmedabad vs. The Dy.CIT, Circle-3(1)(1), Ahmedabad

Appeal is allowed

ITA 3158/AHD/2015[2012-13]Status: DisposedITAT Ahmedabad11 Jan 2018AY 2012-13
For Appellant: Shri Bandish Soparkar, A.RFor Respondent: Shri Mudit Nagpal, Sr. D.R
Section 143(3)Section 14ASection 14A(2)Section 40Section 40ASection 40A(2)Section 40A(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “B” BENCH AHMEDABAD BEFORE, SHRI PRAMOD KUMAR, ACCOUNTANT MEMBER AND SHRI S. S. GODARA, JUDICIAL MEMBER Patel Alloy Steel Pvt. Ltd., Plot No.297 – 300, Phase-II, GIDC Estate, Vatva, Ahmedabad – 382 445 Appellant Vs. DCIT, Circle - 3(1)(1), Ahmedabad Respondent & DCIT, Circle - 3(1)(1), Ahmedabad Appellant Vs. M/s. Patel Alloy Steel Pvt. Ltd., Plot No.297 – 300, Phase-II, GIDC Estate, Vatva, Ahmedabad – 382 445 Respondent PAN: AABCP2984J आवेदक क" ओर से/By Assessee : Shri Bandish Soparkar, A.R. राज"व क" ओर से/By Revenue : Shri Mudit Nagpal, Sr. D.R सुनवाई क" तार"…

M/S Sujana Towers Limited, Hyderabad vs. ACIT, Circle 3(1), Hyderabad

In the result, appeal of the assessee is allowed

ITA 79/HYD/2014[2008-09]Status: DisposedITAT Hyderabad10 Jan 2018AY 2008-09

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2008-09

For Appellant: Shri P. Murali Mohan RaoFor Respondent: Shri J. Siri Kumar
Section 143(3)Section 263

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH ‘A', HYDERABAD BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER Assessment Year: 2008-09 M/s Sujana Towers Ltd., vs. Asst. Commissioner of Hyderabad. Income-tax, Circle – 3(1) Hyd. PAN – AAKCS 7820F Appellant Respondent Assessee by: Shri P. Murali Mohan Rao Revenue by: Shri J. Siri Kumar Date of hearing: 19/12/2017 Date of pronouncement: 10/01/2018 O R D E R PER S. RIFAUR RAHMAN, AM: This appeal is filed by the assessee against the order of CIT - III, Hyderabad, dated 25/03/2013 passed u/s 263 of the Income-tax Act…

The DCIT(OSD-1)Circle-4, Ahmedabad vs. Kiri Dyes & Chemicals Ltd., Ahmedabad

ITA 2979/AHD/2013[2008-09]Status: DisposedITAT Ahmedabad10 Jan 2018AY 2008-09

Bench: Shri N.K. Billaiya & Shri Mahavir Prasad)

For Appellant: Shri V.K. Singh, Sr. D.RFor Respondent: Shri T. P. Hemani, A.R
Section 145A

…hether an assessee follows “exclusive method” or “inclusive method”. Accordingly, no addition is called for u/s. 145A of the Act. For this proposition we draw support from the decision of the Hon’ble Supreme Court in the case of Indo Nippon Chemicals Co. Ltd. 261 ITR 275 and Hon’ble High ITA No. 2979-Ahd-2013 4 . A.Y. 2008-09 Court of Gujarat in the case of Narmada Chematur Petrochemicals 327 ITR 369. 10. Considering the judicial decisions in favour of the assessee. We decline to interfere with the findings of the ld. CIT(A). Appeal filed by the Revenue is accordingly dismissed. Order pronounced in Open Court…

The Dy. CIT., Circle-4, Ahmedabad vs. Infinium Motors Pvt.Ltd., Ahmedabad

ITA 3009/AHD/2014[2008-09]Status: DisposedITAT Ahmedabad22 Dec 2017AY 2008-09
For Appellant: NoneFor Respondent: Shri V. K. Singh, Sr. D.R
Section 143(3)

…of MODVAT / CENVAT is an incentive is not justified. The appellant cannot claim the refund on this account if due to some circumstances the business has to be closed. The view has been upheld by Hon'ble Supreme Court in the case of Indo Nippon Chemicals Ltd. [261 ITR 275]. It has been held by the Hon'ble Supreme Court that MODVAT credit was an irreversible credit ITA No. 3009/Ahd/14 [DCIT vs. Infinium Motors Pvt. Ltd.] A.Y. 2008-09 available to manufacturers and would not amount to income which was liable to be taxed under the Act. Therefore, the MODVAT / CENVAT credit balance available with the assessee is ne…

Maruti Dyechem Industries, Ahmedabad vs. The Jt.CIT., Range-3, Ahmedabad

In the result, appeal filed by the assessee is allowed

ITA 1585/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad19 Dec 2017AY 2011-12

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad

For Appellant: Shri A. C. Shah, A.RFor Respondent: Shri V. K. Singh, Sr. D.R
Section 145ASection 44Section 44A

…ccounting of taxes has been consistently followed by the assessee in earlier and succeeding years and is also stated to have been accepted by Revenue. We 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) has observed that unavailed MODVAT credit cannot be construed as income and there is no liability to pay tax on such unavailed MODVAT credit. We further find that on identical facts, the coordinate bench of tribunal in the case of Shri Paragbhai Ramanlal Patel (supra) has decided the issue in favour of the assessee observing as under: “8. We…

Aditya Birla Retail Ltd, Mumbai vs. ITO 2(2)4, Mumbai

In the result, assessee’s appeal is partly allowed

ITA 4086/MUM/2013[2009-10]Status: DisposedITAT Mumbai29 Nov 2017AY 2009-10

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

For Appellant: Shri Percy PardiwalaFor Respondent: Shri Alok Johri

…IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI N.K. PRADHAN, ACCOUNTANT MEMBER ITA no.4023/Mum./2002 (Assessment Year : 1996–97) Dy. Commissioner of Income Tax ……………. Appellant Central Circle–25, Mumbai v/s M/s. Parle Products Ltd. North Level Crossing Vile Parle (East) ……………. Respondent Mumbai 400 057 PAN – AAACP0486A ITA no.3806/Mum./2002 (Assessment Year : 1996–97) M/s. Parle Products Ltd. North Level Crossing Vile Parle (East) ……………. Appellant Mumbai 400 057 PAN – AAACP0486A v/s Dy. Commissioner of Income Tax ……………. Respondent Central Circle–25, M…