CIT v. Mahalaxmi Glass Works (P) Ltd.

ADDL CIT R G 7(1), MUMBAI vs. NOVARTIS INDIA LTD ( FORMERLY KNOWN AS HINDUSTAN CIBA GIEGY LTD. ), MUMBAI

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)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER M/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 G…

DCIT CIR - 3(1), MUMBAI vs. M/S. BAJAJ AUTO LTD., MUMBAI

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

Bench: Aby T Varkey & Shri Amarjit Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE ABY T VARKEY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA No. 3055/Mum/2005 (A.Y. 2000-2001) Bajaj Auto Ltd. Vs. DCIT Rg. 3(1), Bajaj Bhavan, 226 6th Floor, Aayakar Nariman Point, Bhavan, M. K. Road, Mumbai-400021 Mumbai-400020 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACB3370K Appellant .. Respondent ITA No. 2655/Mum/2005 DCIT Rg. 3(1), Vs. Bajaj Auto Ltd. 6th Floor, Aayakar Bajaj Bhavan, Bhavan, M. K. Road, 226 Nariman Point, Mumbai-400020 Mumbai-400021 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACB3370K Appellant .. Respondent C.O. N…

M/S. BAJAJ AUTO LTD.,MUMBAI vs. THE DY CIT CIR 3(1), MUMBAI

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

Bench: Aby T Varkey & Shri Amarjit Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE ABY T VARKEY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA No. 3055/Mum/2005 (A.Y. 2000-2001) Bajaj Auto Ltd. Vs. DCIT Rg. 3(1), Bajaj Bhavan, 226 6th Floor, Aayakar Nariman Point, Bhavan, M. K. Road, Mumbai-400021 Mumbai-400020 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACB3370K Appellant .. Respondent ITA No. 2655/Mum/2005 DCIT Rg. 3(1), Vs. Bajaj Auto Ltd. 6th Floor, Aayakar Bajaj Bhavan, Bhavan, M. K. Road, 226 Nariman Point, Mumbai-400020 Mumbai-400021 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACB3370K Appellant .. Respondent C.O. N…

THE DCIT 3(1), MUMBAI vs. M/S. BAJAJAJ AUTO LTD., MUMBAI

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

Bench: Aby T Varkey & Shri Amarjit Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE ABY T VARKEY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA No. 3055/Mum/2005 (A.Y. 2000-2001) Bajaj Auto Ltd. Vs. DCIT Rg. 3(1), Bajaj Bhavan, 226 6th Floor, Aayakar Nariman Point, Bhavan, M. K. Road, Mumbai-400021 Mumbai-400020 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACB3370K Appellant .. Respondent ITA No. 2655/Mum/2005 DCIT Rg. 3(1), Vs. Bajaj Auto Ltd. 6th Floor, Aayakar Bajaj Bhavan, Bhavan, M. K. Road, 226 Nariman Point, Mumbai-400020 Mumbai-400021 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACB3370K Appellant .. Respondent C.O. N…

M/S. BAJAJ AUTO LTD.,MUMBAI vs. THE DY CIT RG 3(1), MUMBAI

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

Bench: Aby T Varkey & Shri Amarjit Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE ABY T VARKEY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA No. 3055/Mum/2005 (A.Y. 2000-2001) Bajaj Auto Ltd. Vs. DCIT Rg. 3(1), Bajaj Bhavan, 226 6th Floor, Aayakar Nariman Point, Bhavan, M. K. Road, Mumbai-400021 Mumbai-400020 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACB3370K Appellant .. Respondent ITA No. 2655/Mum/2005 DCIT Rg. 3(1), Vs. Bajaj Auto Ltd. 6th Floor, Aayakar Bajaj Bhavan, Bhavan, M. K. Road, 226 Nariman Point, Mumbai-400020 Mumbai-400021 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACB3370K Appellant .. Respondent C.O. N…

THE DY CIT RG 3(1), MUMBAI vs. M/S. BAJAJ AUTO LTD, MUMBAI

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

Bench: Aby T Varkey & Shri Amarjit Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE ABY T VARKEY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA No. 3055/Mum/2005 (A.Y. 2000-2001) Bajaj Auto Ltd. Vs. DCIT Rg. 3(1), Bajaj Bhavan, 226 6th Floor, Aayakar Nariman Point, Bhavan, M. K. Road, Mumbai-400021 Mumbai-400020 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACB3370K Appellant .. Respondent ITA No. 2655/Mum/2005 DCIT Rg. 3(1), Vs. Bajaj Auto Ltd. 6th Floor, Aayakar Bajaj Bhavan, Bhavan, M. K. Road, 226 Nariman Point, Mumbai-400020 Mumbai-400021 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACB3370K Appellant .. Respondent C.O. N…

PROCTER & GAMGLE HYGIENE& HEALTHCARE ,LTD,MUMBAI vs. ACIT CIR 7(1), MUMBAI

Appeals are partly allowed

…e Delhi High Court held that whenever adjustment on account of Modvat credit is made corresponding adjustment is also to be made to opening stock. The aforesaid view has also been accepted by the Hon'ble Bombay High Court in the case of Mahalaxmi Glass Works. 318 ITR 116 (Bom). The issue is therefore remanded to the AO to consider the same afresh in the light of the judicial pronouncement referred to above. The ld. Counsel for the assessee also relied on the decision of the Mumbai Bench of ITAT in the case Hawkins Cookers Ltd. vs. ITO in ITA No.505/Mum/04 dated 11/8/2008, wherein Hon'ble ITAT Mumbai Bench had als…

ADDL CIT RG 7(1), MUMBAI vs. PROCTOR & GAMBLE HYGIENE & HEALTHCARE LTD, MUMBAI

Appeals are partly allowed

…e Delhi High Court held that whenever adjustment on account of Modvat credit is made corresponding adjustment is also to be made to opening stock. The aforesaid view has also been accepted by the Hon'ble Bombay High Court in the case of Mahalaxmi Glass Works. 318 ITR 116 (Bom). The issue is therefore remanded to the AO to consider the same afresh in the light of the judicial pronouncement referred to above. The ld. Counsel for the assessee also relied on the decision of the Mumbai Bench of ITAT in the case Hawkins Cookers Ltd. vs. ITO in ITA No.505/Mum/04 dated 11/8/2008, wherein Hon'ble ITAT Mumbai Bench had als…

SKF INDIA LTD,MUMBAI vs. DCIT 4(3)(2), MUMBAI

Appeal is partly allowed

…only contention raised by the Ld. Counsel before us is that, the same treatment should be given to the opening stock also in line with the decision of Hon'ble Bombay High Court in the case of CIT vs Mahalakshmi Glass Works Private Limited. reported in [2009] 318 ITR 116. Ld. DR admitted that, this issue may be set aside to the file of the AO to follow the principle laid down by the Hon'ble Bombay High Court. 12. On the perusal of the impugned orders, we find that, ITA 1420/Mum/2016 DRP has referred to the fact that in AY 2006-07, the assessee has not pressed this issue. However, there cannot be an estoppel to th…

ASSISTANT COMMISSIONER OF INCOME TAX 6(1)(1), MUMBAI vs. M/S EPL LTD, MUMABI

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं. 2646/मुं/ 2022 ("न.व. 2007-08) Asstt.Commissioner Of Income Tax 6(1)(1), Room No.504, 5Th Floor, Aaykar Bhavan, Mk Road, Mumbai – 400 020 ...... अपीलाथ" /Appellant बनाम Vs. M/S. Epl Ltd., Top Floor Times Tower, Kamala City, Senapati Bapat Marg, Lower Parel (W), Mumbai 400 013 Pan: Aaace-1568-L ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Shri Jay Bhansali ""तवाद" "वारा/Respondent By : Ms. Richa Gulati सुनवाई क" "त"थ/ Date Of Hearing : 10/01/2023 घोषणा क" "त"थ/ Date Of Pronouncement : 13/01/2023 आदेश/ Order

…e value of closing stock and accordingly increased the profits for the year under consideration. The ITAT has set aside the issue to the file of the AO holding that the issue stands covered by the decision in the case of CIT v. Mahalaxmi Glass Works Pvt. Ltd. 318 ITR 116. The AO has noted that vide the said decision, the Hon’ble High Court has observed that once the value of closing stock is increased by making adjustment u/s 145A, correspondingly the value of opening stock should also be given credit for the same. The AO noted that inspite of being asked to furnish the details/breakup of opening and closing stoc…

ABBOTT INDIA LTD (AS SUCCESSOR TO SOLVAY PHARMA INDIA LTD),MUMBAI vs. ADDL CIT RG 7(2), MUMBAI

In the result, appeal filed by the assessee is allowed partly for statistical purposes

Bench: Shri Om Prakash Kant () & Ms Kavitha Rajagopal () Assessment Year: 2007-08 Abott India Limited Addl. Cit-Range 7(2) Unit 3-4, Corporate Park, Aayakar Bhavan, M.K. Sion-Trombay Road, Chembur, Vs. Marg, Mumbai-400 071. Mumbai-400 020 Pan No. Aaacu 9269 Q Appellant Respondent Assessee By : Shri. Madhur Agrawal, Adv. Revenue By : Shri Yogesh Kamat, Cit Dr Date Of Hearing : 22/09/2022 Date Of Pronouncement : 30/11/2022

…e Mumbait Bench of ITAT in the case of Hawkins Cookers Ltd Vs TTO ITA 505/Mum/04 pertains to AY 1999-00 and has been passed on 11.08.2008 The decision of the Hon'ble Mumbai High Court in the case of CIT Vs The Mahalaxmi Glass Works P/L Ltd. reported in (2009) 318 ITR 116 (Bom) is dated 01.04.2009, which is ater in time and higher in priority accordingly, the observations in respect of the issue on hand would be guided and governed by the decision of the Hon'ble Mumbai High Court in the case of CIT Vs The Mahalaxmi Glass Works Pvt. Ltd. (Supra). In the sad decision, the Hon'ble High Court have held that if there i…

SIEMENS LTD,MUMBAI vs. DCIT 7(2), MUMBAI

In the result, appeal of the assessee is allowed

…section 145A of the Act, if there is a change in closing stock, corresponding adjustement must be made in the opening stock also. The same view was taken by the Hon’ble jurisdictional High Court in the case of CIT vs Mahalaxmi Glass Works Pvt Ltd reported in 318 ITR 116 (Bom). We find that the Hon’ble jurisdictional High Court in the aforesaid case had indeed placed reliance on the decision of Hon’ble Delhi High Court referred to supra. Admittedly, the decision of Hon’ble Delhi High Court was rendered prior to framing of assessment under section 143(3) r.w.s. 245D(4) of the Act by the Ld.AO, i.e. the impugned as…

ACIT- CIRCLE-6(2)(1), MUMBAI vs. CG POWER & INDUSTRIAL SOLUTION LTD. (FORMERLY KNOWN AS CROMPTON GREAVES LTD.), MUMBAI

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

…stock and closing stock should be valued under the same method in order to arrive at correct amount of profit of a year. In this regard, he took support of the decision rendered by Hon’ble Bombay High Court in the case of CIT vs. Mahalaxmi Glass Works P Ltd (318 ITR 116). Since the AO has not made any addition to the closing stock as on 31.3.2010 with unutilized amount of CENVAT/MODVAT, the Ld CIT(A) held that there was no requirement of changing the opening stock value. Accordingly, he rejected the said claim of the assessee. 37. We heard the parties on this issue and produced the record. We notice that the pr…

SOLVAY PHARMA INDIA LTD,MUMBAI vs. DCIT RG 2(1), MUMBAI

Bench: Shri M. Balaganesh & Shri Kuldip Singhassessment Year: 2010-11

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “I”, MUMBAI BEFORE SHRI M. BALAGANESH, ACCOUNTANT MEMBER AND SHRI KULDIP SINGH, JUDICIAL MEMBER Assessment Year: 2010-11 M/s. Solvy Pharma India Dy. Commissioner of Ltd. (Now merged with Income Tax, Abbott India Ltd.), Range 2(1), Vs. 3-4, Corporate park, Aayakar Bhavan, Sion Trombay Road, Mumbai - 400020 Mumbai – 400 071 PAN: AAACB5170B (Appellant) (Respondent) Present for: Assessee by : Shri Madhur Agarwal, A.R. Revenue by : Shri Rajneesh Yadav, D.R. Date of Hearing : 28 . 04 . 2022 Date of Pronouncement : 31 . 05 . 2022 O R D E R Per : Kuldip Singh, Jud…

ACIT 8(1), MUMBAI vs. AVENTIS PHARMA LTD, MUMBAI

In the result, appeal is dismissed

Bench: Shri Pramod Kumar () & Shri Saktijit Dey ()

…assessment year 1999-2000 and department has not filed any appeal against the decision of the Tribunal. In addition, he relied upon the following decisions:- 1. Hawkins Cookers Ltd vs ITO (2008) 14 DTR 206 (Mum) 2. CIT vs Mahalaxmi Glass Works (P) Ltd (2009) 318 ITR 116 32. The learned departmental representative relied upon the observations of learned Commissioner (Appeals). 33. We have considered rival submissions and perused materials on record. Apparently, identical issue relating to adjustment under section 145A of the Act came up for consideration in assessee’s own case in assessment year 1999-2000 (supra…

ACIT CIR. - 8(1), MUMBAI vs. M/S. AVENTIS PHARMA LTD., MUMBAI

In the result, appeal is dismissed

Bench: Shri Pramod Kumar () & Shri Saktijit Dey ()

…assessment year 1999-2000 and department has not filed any appeal against the decision of the Tribunal. In addition, he relied upon the following decisions:- 1. Hawkins Cookers Ltd vs ITO (2008) 14 DTR 206 (Mum) 2. CIT vs Mahalaxmi Glass Works (P) Ltd (2009) 318 ITR 116 32. The learned departmental representative relied upon the observations of learned Commissioner (Appeals). 33. We have considered rival submissions and perused materials on record. Apparently, identical issue relating to adjustment under section 145A of the Act came up for consideration in assessee’s own case in assessment year 1999-2000 (supra…

M/S. AVENTIS PHARMA LTD.,MUMBAI vs. ACIT - 8(1), MUMBAI

In the result, appeal is dismissed

Bench: Shri Pramod Kumar () & Shri Saktijit Dey ()

…assessment year 1999-2000 and department has not filed any appeal against the decision of the Tribunal. In addition, he relied upon the following decisions:- 1. Hawkins Cookers Ltd vs ITO (2008) 14 DTR 206 (Mum) 2. CIT vs Mahalaxmi Glass Works (P) Ltd (2009) 318 ITR 116 32. The learned departmental representative relied upon the observations of learned Commissioner (Appeals). 33. We have considered rival submissions and perused materials on record. Apparently, identical issue relating to adjustment under section 145A of the Act came up for consideration in assessee’s own case in assessment year 1999-2000 (supra…

NOVARTIS INDIA LTD,MUMBAI vs. DCIT CIR 7(1), MUMBAI

Appeal stand partly allowed

…ved, the assessee has raised ground no.4. 11.3 We find that this issue has been adjudicated in Tribunal‟s order for AY 2000-01, para nos.18 to 21. The bench, following the decision of Hon‟ble Bombay High Court in CIT V/s Mahalaxmi Glass Works Pvt. Ltd. (2009; 318 ITR 116) held that unutilized MODVAT credit should be added to the closing stock of the assessee and the same would also necessitate similar adjustments to opening stock. Respectfully following the same, we direct Ld. AO to adopt the same methodology as adopted in AY 2000-01 pursuant to the aforesaid directions of the Tribunal. Ground No.4 of assessee‟s…

ACIT CIR 6(3)(2), MUMBAI vs. KANSAI NEROLAC PAINATS LTD, MUMBAI

In the result, appeal of the revenue is dismissed

Bench: Shri Mahavir Singh (Vp) & Shri N.K. Pradhan (Am) Assessment Year: 2001-02

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “H”, MUMBAI BEFORE SHRI MAHAVIR SINGH (VP) AND SHRI N.K. PRADHAN (AM) Assessment Year: 2001-02 The ACIT, Cir. 6(3)(2), M/s Kansai Nerolac Paints Ltd., R. No. 522, 5th Floor, Nerolac House, G.K. Marg, Aayakar Bhavan, M.K. Road, Lower Parel, Mumbai - 20 Vs. Mumbai - 400013 PAN: AAACG1376N (Appellant) (Respondent) Revenue by : Shri. R. Bhoopati (DR) Assessee by : Smt. Aarti Vissanji (AR) Date of Hearing: 21/10/2020 Date of Pronouncement: 15/01/2021 O R D E R PER MAHAVIR SINGH, VICE-PRESIDENT This appeal by the revenue arising out of the order of Commiss…

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

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

…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 to section 145A if there is a change in the closing stock at the end of the year, there must necessarily be a corresponding adjustment made in the opening stock of that year. This does not amount to giving total benefit t…