CIT v. Mahalaxmi Glass Works (P) Ltd.

318 ITR 116High Court2009#1761 most cited

What is CIT v. Mahalaxmi Glass Works (P) Ltd. authority for?

When the valuation of closing stock is adjusted to include CENVAT or Modvat credit under Section 145A, a corresponding adjustment must also be made to the opening stock.

64

judgments rely on this decision, according to BharatTax’s citation analysis of 366,459 Indian tax judgments — from 2015 to 2024.

Also referred to as

CIT v. Mahalaxmi Glass Works · 318 ITR 116 · section 145A · valuation of stock · closing stock adjustment · opening stock adjustment · CENVAT credit · Modvat credit · stock valuation income tax

Sections most often in play

Section 120(4)(b)Section 124(3)Section 127Section 143(3)Section 2(7A)Section 253

Issues it is cited on

section 145asection 80hinterest on refundsection 115jasection 35dsection 80hhcsection 80hhsection 80ibinterest on securitiessection 244adeduction u/s 80iabusiness connection

Judgments citing CIT v. Mahalaxmi Glass Works (P) Ltd.

Addl CIT RG 1, Mumbai vs. Indian Petrochemicals Corporation Ltd ( Now Merged With Reliance Indl. Ltd), Baroda

In the result, the appeal filed by the assessee for the assessment year 2005-06 is allowed and both the appeals filed by the Revenue are dismissed

ITA 3921/MUM/2009[2005-06]Status: DisposedITAT Mumbai18 Nov 2015AY 2005-06

Bench: S/Shri B.R.Baskaran (Am) & Ramlal Negi, (Jm) आमकय अऩीर सं./I.T.A. No.1426/Ahd/2009 (ननधधायण वषा / Assessment Year :2005-06) बनाम/ Indian Petrochemicals Corp.Ltd., The Addl. Commissioner Of Income (Now Merged With Reliance Tax, Range 1, Vs. Industries Ltd) Baroda, P O Petrochemicals, Gujarat Dist-Vadodara -391346 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

…al as under: “93. At the time of hearing, the learned Counsel for the assessee submitted that above issue is covered in favour of the assessee by the judgment of Hon'ble Jurisdictional High Court in the case of CIT v/s Mahalaxmi Glass Works Pvt. Ltd., [2009] 318 ITR 116 (Bom.) and also by the judgment of Hon'ble Delhi High Court in CIT v/s Mahavir Alluminium Ltd. [2008] 297 ITR 77 (Del.), wherein it has been held that if there is a change in valuation of closing stock in one end, there must necessarily be a corresponding change at the other end otherwise the true profit would not be reflected. 94. On the other h…

Addl CIT RG 1(3), Mumbai vs. West Coast Paper Mills Ltd, Mumbai

In the result, appeal of the assessee and appeal of the revenue are partly allowed

ITA 3843/MUM/2011[2007-08]Status: DisposedITAT Mumbai15 Oct 2015AY 2007-08

Bench: Shri D. Karunakara Rao & Shri Amit Shukla

For Respondent: Smt. S. Padmaja
Section 10(34)Section 115JSection 143(3)Section 14ASection 80Section 801A

…e rival contentions and perused the relevant findings of the authorities below. We agree in principle that corresponding adjustment has to be made in the opening stock as held by the Jurisdictional High Court in CIT v/s Mahalaxmi Glass Works Pvt. Ltd., [2009] 318 ITR 116 (Bom.). The finding of fact as recorded by the learned Commissioner (Appeals) that after making the adjustments made by the assessee in the opening stock and purchase and sale, the net effect is nil appears to be based on fact. Thus, we do not find any reason to deviate from such findings of fact which has not been rebutted and, hence, the ground…

The West Coast Paper Mills Ltd, Mumbai vs. Addl CIT RG 1(3), Mumbai

In the result, appeal of the assessee and appeal of the revenue are partly allowed

ITA 2993/MUM/2011[2007-08]Status: DisposedITAT Mumbai15 Oct 2015AY 2007-08

Bench: Shri D. Karunakara Rao & Shri Amit Shukla

For Respondent: Smt. S. Padmaja
Section 10(34)Section 115JSection 143(3)Section 14ASection 80Section 801A

…e rival contentions and perused the relevant findings of the authorities below. We agree in principle that corresponding adjustment has to be made in the opening stock as held by the Jurisdictional High Court in CIT v/s Mahalaxmi Glass Works Pvt. Ltd., [2009] 318 ITR 116 (Bom.). The finding of fact as recorded by the learned Commissioner (Appeals) that after making the adjustments made by the assessee in the opening stock and purchase and sale, the net effect is nil appears to be based on fact. Thus, we do not find any reason to deviate from such findings of fact which has not been rebutted and, hence, the ground…

Greaves Cotton Ltd (Formerly Known As Greaves Ltd), Mumbai vs. ITO WD 6(3)(1), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 7356/MUM/2011[2004-05]Status: DisposedITAT Mumbai13 Oct 2015AY 2004-05

Bench: Shri G S Pannu & Shri Amit Shuklaita

For Respondent: Shri N K Chand
Section 115JSection 143(3)Section 14ASection 80H

…1 Greaves Cotton Ltd. (formerly Greaves Ltd) आयकर अपीलीय अिधकरण “जी” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G”, MUMBAI "ी जी एस प"ू, लेखा सद"य एवं "ी अिमत शु"ला, "याियक सद"य के सम" । BEFORE SHRI G S PANNU, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBERITA ITA No. : 7356/Mum/2011 (Assessment year: 2004-05) Greaves Cotton Ltd. Vs Income Tax Officer-6(3)-1, (formerly Greaves Ltd), Aayakar Bhavan, Industry Manor, Appasaheb Marathe Mumbai Marg, Prabhadevi, Mumbai -400 025 "थयी लेखा सं.:PAN: AAACG 2062 M अपीलाथ" (Appellant) ""यथ" (Respondent) Appellant by Miss Aarti Visanji :…