ACIT CEN CIR-8, MUMBAI vs. M/S. JINDAL DRUGS LTD, MUMBAI
In the result, appeals filed by the assessee are allowed in part whereas the appeals filed by the Revenue are dismissed
ITA 4342/MUM/2008[2005-2006]Status: DisposedITAT Mumbai29 Oct 2015AY 2005-2006
Bench: Shri R.C. Sharma & Shri Sandeep Gosainassessment Year: - 2005-06 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel 229, Nariman Point, – 8 Aaykar Bhavan, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Appellant Respondent Pan/Gir No. Aaacj1000A Assessment Year: - 2005-06 The Asst. Commissioner Of Vs.` Jindal Drugs Limited Bakhtawar, 6Th Floor, B&C, Income Tax, Central Circel – 8 229, Nariman Point, Old Cgo Bldg, Annexe, Mumbai – 400 021. M.K. Road, Mumbai – 400 020. Pan/Gir No. Aaacj1000A Appellant Respondent Assessment Year: - 2006-07 Jindal Drugs Limited Vs. The Asst. Commissioner Of Bakhtawar, 6Th Floor, Income Tax, Central Circel – 8, B&C, Aaykar Bhavan, 229, Nariman Point, M.K. Road, Mumbai – 400 020. Mumbai – 400 021. Pan/Gir No. Aaacj1000A Appellant Respondent
Section 143(3)Section 14ASection 36(1)(iii)Section 80Section 80I
…assessee relate to addition on account of excise duty to closing stock of finished goods which were not subject to duty under excise Act. This issue is squarely covered by the decision of Hon’ble Bombay High Court in the case of Loknet Balasaheb Desai SSK Ltd 339 ITR 288 and by the Hon’ble Bombay High Court in the case of SPV Industries 228 Taxmann 104. In the case of Loknet Balasaheb Desai SSK Ltd. (supra), the Hon’ble Bombay High Court held that excise duty liability crystallizes on the day of clearance of excisable goods and not on the date of manufacture and, therefore, excise liability was not incurred by th…
