Hawkins Cookers Ltd. v. ITO

ADDL CIT RG 7(1), MUMBAI vs. PIRAMAL ENTERPRISES LTD (FORMERLY KNWON AS PIRAMAL HEALTHCARE LTD) (AS ULTIMATE SUCCESSOR TO NICHOLAS PIRAMAL INDIA LTD), MUMBAI

Bench: Shri Kuldip Singh & Shri S Rifaur Rahmanassessment Year: 2005-06 M/S. Piramal Enterprises Dy. Commissioner Of Limited (Formerly Known Income Tax, As Piramal Healthcare Range-8(2)(1), Limited) (Earlier Known As Mumbai. Nicholas Piramal India Ltd.), Vs. Piramal Tower, Agastya Corporate Park, Lbs Marg, Kamani Junction, Kurla (West), Mumbai – 400 070 Pan: Aaacn4538P (Appellant) (Respondent) Assessment Year: 2005-06 Dy. Commissioner Of M/S. Piramal Enterprises Income Tax, Limited (Formerly Known Circle-8(2)(1), As Piramal Healthcare [Erstwhile Dcit Circle- Ltd.) (As Ultimate 7(1)], Successor To Nicholas Vs. Mumbai. Piramal India Ltd.), Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013 Pan: Aaacn4538P (Appellant) (Respondent)

…claim of the assessee that the amount reflected in Clause 12(b) of the tax Audit report shall be treated as the adjustment required u/s 145A, and in support thereof had relied on the order of the ITAT, Mumbai in the case of Hawkins Cookers Ltd. Vs. ITO (2008) 14 DTR 206 (Mum). We have perused Clause 12(b) (Page 61 of „APB‟) of the Tax Audit report of the assessee and find that it is the claim of the assessee that the impact of grossing up of tax, duty, cess etc. by restating the values of purchases and inventories by inter alia including the effect of CENVAT credit will be Nil, subject to Sec. 43B that the duty,…

PIRAMAL HEALTHCARE LTD ( EARLIER KNOWNAS NICHOLAS PIRAMAL INDIA LTD),MUMBAI vs. ADDL CIT 7(1), MUMBAI

Bench: Shri Kuldip Singh & Shri S Rifaur Rahmanassessment Year: 2005-06 M/S. Piramal Enterprises Dy. Commissioner Of Limited (Formerly Known Income Tax, As Piramal Healthcare Range-8(2)(1), Limited) (Earlier Known As Mumbai. Nicholas Piramal India Ltd.), Vs. Piramal Tower, Agastya Corporate Park, Lbs Marg, Kamani Junction, Kurla (West), Mumbai – 400 070 Pan: Aaacn4538P (Appellant) (Respondent) Assessment Year: 2005-06 Dy. Commissioner Of M/S. Piramal Enterprises Income Tax, Limited (Formerly Known Circle-8(2)(1), As Piramal Healthcare [Erstwhile Dcit Circle- Ltd.) (As Ultimate 7(1)], Successor To Nicholas Vs. Mumbai. Piramal India Ltd.), Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013 Pan: Aaacn4538P (Appellant) (Respondent)

…claim of the assessee that the amount reflected in Clause 12(b) of the tax Audit report shall be treated as the adjustment required u/s 145A, and in support thereof had relied on the order of the ITAT, Mumbai in the case of Hawkins Cookers Ltd. Vs. ITO (2008) 14 DTR 206 (Mum). We have perused Clause 12(b) (Page 61 of „APB‟) of the Tax Audit report of the assessee and find that it is the claim of the assessee that the impact of grossing up of tax, duty, cess etc. by restating the values of purchases and inventories by inter alia including the effect of CENVAT credit will be Nil, subject to Sec. 43B that the duty,…

DCIT(LTU) - 1, MUMBAI vs. ACC LTD., MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

…eported in 254 ITR 503 has held that CENVAT is not a matter of adjustment to closing stock for the purpose of Section- 145A and hence same need not be added to the closing stock. Assessee also stated that in the decision in Hawkins Cookers Ltd. vs. ITO (2008) 14 DTR 206 (Mum), the Mumbai ITAT held that for purposes of Section-145A, where an assessee follows the procedure laid down by the ICAI and the Tax Auditor also reports in Clause-12(b) of Form-3CD of the Tax Audit Report that no adjustment is required to be made on account Section-145A. It has been further held that the decision of entire balance in CENVAT a…

ACC LTD.,MUMBAI vs. ADDL CIT(LTU) , MUMBAI

In the result, appeal filed by assessee is partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Ble

…eported in 254 ITR 503 has held that CENVAT is not a matter of adjustment to closing stock for the purpose of Section- 145A and hence same need not be added to the closing stock. Assessee also stated that in the decision in Hawkins Cookers Ltd. vs. ITO (2008) 14 DTR 206 (Mum), the Mumbai ITAT held that for purposes of Section-145A, where an assessee follows the procedure laid down by the ICAI and the Tax Auditor also reports in Clause-12(b) of Form-3CD of the Tax Audit Report that no adjustment is required to be made on account Section-145A. It has been further held that the decision of entire balance in CENVAT a…

M/S. NICHOLAS PIRAMAL INDIA LTD,MUMBAI vs. THE ACIT CUR 7(1),

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

Bench: Shri Pavan Kumar Gadale & Shri S Rifaur Rahmanpiramal Enterprises Ltd Vs. Acit, Circle – 7(1) (Formerly Known As Aayakar Bhavan Piramal Healthcare Ltd) Mumbai – 400020. (Before Known As Nicholas Piramal Ind) Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013. Pan/Gir No. : Aaacn4538P Appellant .. Respondent Dcit, Circle – 7(1) Vs. Piramal Enterprises Ltd Aayakar Bhyavan (Formerly Known As Mumbai – 400 020. Piramal Healthcare Ltd) (Before Known As Nicholas Piramal Ind) Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013. Pan/Gir No. : Aaacn4538P Assessee By : Mr.Ronak Doshi & Ms.Manshi Padhiyar.Ar Revenue By : Mr.S.N.Kabra.Dr

…s Nicholas Piramal India Ltd, Mumbai. reflected in Clause 12(b) of the tax Audit report shall be treated as the adjustment required u/s 145A, and in support thereof had relied on the order of the ITAT, Mumbai in the case of Hawkins Cookers Ltd. Vs. ITO (2008) 14 DTR 206 (Mum). We have perused Clause 12(b) (Page 61 of „APB‟) of the Tax Audit report of the assessee and find that it is the claim of the assessee that the impact of grossing up of tax, duty, cess etc. by restating the values of purchases and inventories by inter alia including the effect of CENVAT credit will be Nil, subject to Sec. 43B that the duty,…

THE DCIT CIR 7(1), MUMBAI vs. M/S. PIRAMAL ENTERPRISES LTD., MUMBAI

In the result, appeal of the assessee in ITA

Bench: Known As Nicholas Piramal Mumbai - 400020 India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) Dcit. Circle 7(1), Vs. M/S. Piramal Enterprises Ltd. Aayakar Bhavan (Formerly Known As Piramal Healthcare Mumbai - 400020 Ltd.,) (Before Known As Nicholas Piramal India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) M/S. Piramal Enterprises Ltd. Vs. Deputy Commissioner Of Income (Formerly Known As Piramal Tax Healthcare Ltd.,) Range 7(3)(2), (Before Known As Nicholas Piramal Mumbai - 400020 India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) M/S. Piramal Enterprises Limited

…claim of the assessee that the amount reflected in Clause 12(b) of the tax Audit report shall be treated as the adjustment required u/s 145A, and in support thereof had relied on the order of the ITAT, Mumbai in the case of Hawkins Cookers Ltd. Vs. ITO (2008) 14 DTR 206 (Mum). We have perused Clause 12(b) (Page 61 of „APB‟) of the Tax Audit report of the assessee and find that it is the claim of the assessee that the impact of grossing up of tax, duty, cess etc. by restating the values of purchases and inventories by inter alia including the effect of CENVAT credit will be Nil, subject to Sec. 43B that the duty,…

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

In the result, appeal is dismissed

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

…made under section 145A was decided in favour of the assessee in 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 consider…

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 ()

…made under section 145A was decided in favour of the assessee in 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 consider…

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

In the result, appeal is dismissed

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

…made under section 145A was decided in favour of the assessee in 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 consider…

M/S. NICHOLAS PIRAMAL INDIA LTD.,MUMBAI vs. ACIT CIR. - 7(1), MUMBAI

In the result, the appeal of the assessee is partly allowed for statistical purposes and appeal of the revenue is dismissed

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am M/S. Piramal Enterprises Ltd. Vs. Addl. Commissioner Of Income Tax (Formerly Known As Piramal Circle 7(1), Aayakar Bhavan Healthcare Ltd.,) Mumbai - 400020 (Before Known As Nicholas Piramal India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) Addl. Commissioner Of Vs. M/S. Piramal Enterprises Ltd. Income Tax (Formerly Known As Piramal Healthcare Circle 7(1), Aayakar Ltd.,) Bhavan (Before Known As Nicholas Piramal India Mumbai - 400020 Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) Assessee By Shri Ronak Joshi Revenue By Shri Kumar Padmapani Bora Date Of Hearing 29/11/2019 Date Of Pronouncement 20/02 /2020 आदेश / O R D E R Per M. Balaganesh (A.M): These Cross Appeals In Ita Nos.3927/Mum/2006 & 4066/Mum/2006 For A.Y.2002-03 Arises Out Of The Order By The Ld. Commissioner Of Income Tax (Appeals)-Xix, Mumbai In Appeal No.Cit(A)Xix/It-104/05-06 Dated 31/03/2006 (Ld. Cit(A) In Short) Against The Order Of Assessment Passed U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As Act) Dated 31/03/2005 By The Ld. Addl. Commissioner Of Income Tax, Range 7(1), Mumbai (Hereinafter Referred To As Ld. Ao). M/S. Piramal Enterprises Ltd.

…claim of the assessee that the amount reflected in Clause 12(b) of the tax Audit report shall be treated as the adjustment required u/s 145A, and in support thereof had relied on the order of the ITAT, Mumbai in the case of Hawkins Cookers Ltd. Vs. ITO (2008) 14 DTR 206 (Mum). We have perused Clause 12(b) (Page 61 of „APB‟) of the Tax Audit report of the assessee and find that it is the claim of the assessee that the impact of grossing up of tax, duty, cess etc. by restating the values of purchases and inventories by inter alia including the effect of CENVAT credit will be Nil, subject to Sec. 43B that the duty,…

DCIT CIR 7(3)(2), MUMBAI vs. PIRAMAL ENTERPRISES LTD, MUMBAI

In the result, appeal filed by the revenue is dismissed

Bench: Shri Mahavir Singh & Shri G. Manjunathapiramal Enterprise Limited Vs. Addl.Cit, Range-7(3) (Formerly Known As Piramal Aaykar Bhawan Healthcare Limited) M.K.Road Piramal Tower Mumbai-400 020 Ganpatrao Kadam Marg Lower Parel Mumbai-400 013

…claim of the assessee that the amount reflected in Clause 12(b) of the tax Audit report shall be treated as the adjustment required u/s 145A, and in support thereof had relied on the order of the ITAT, Mumbai in the case of Hawkins Cookers Ltd. Vs. ITO (2008) 14 DTR 206 (Mum). We have perused Clause 12(b) (Page 61 of „APB‟) of the Tax Audit report of the assessee and find that it is the claim of the assessee that the impact of grossing up of tax, duty, cess etc. by restating the values of purchases and inventories by inter alia including the effect of CENVAT credit will be Nil, subject to Sec. 43B that the duty,…

KANSAI NEROLAC PAINTS LTD,MUMBAI vs. ADDL CIT RG 6(2), MUMBAI

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6789/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ Dcit Circle -6(2) M/S. Kansai Nerolac Paints Ltd., R.No. 563, Aayakar Bhavan, Nerolac House, K.G. Marg, M.K. Road, Churchgate, V. Lower Parel, Mumbai-400020 Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. आयकर अपीऱ सं./I.T.A. No.7196/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ M/S. Kansai Nerolac Paints Addl. Cit Circle -6(2) Ltd., R.No. 669, Nerolac House, K.G. Marg, Aayakar Bhavan, V. Lower Parel, Mumbai 400013 M.K. Road, Mumbai- 400020 स्थायी ऱेखा सं./ Pan : Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…t Report. c. The learned Commissioner of Income-tax (Appeals) has erred in not following the decision of Supreme Court in the case of CIT Vs. Indo Nippon Chemical Co. Ltd (261 ITR 275) and decision of I.T.A.T. Mumbai in the case of Hawkins Cookers Ltd V. ITO (14 DTR 206). 5. a. The learned Commissioner of Income-tax (Appeals) erred in upholding action of the Assessing Officer of making adjustment/addition of Rs.53,16,420/- on account of notional guarantee fee for counter guarantee given by the appellant to an Associated Concern. b. The learned Commissioner of Income-tax (Appeals) erred in upholding action of the…

DCIT 6(2), MUMBAI vs. KANSAI NEROLAC PAINTS LTD, MUMBAI

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6789/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ Dcit Circle -6(2) M/S. Kansai Nerolac Paints Ltd., R.No. 563, Aayakar Bhavan, Nerolac House, K.G. Marg, M.K. Road, Churchgate, V. Lower Parel, Mumbai-400020 Mumbai-400013 स्थायी ऱेखा सं./ Pan :Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. आयकर अपीऱ सं./I.T.A. No.7196/Mum/2013 (नििाारण वर्ा / Assessment Year: 2007-08) बिाम/ M/S. Kansai Nerolac Paints Addl. Cit Circle -6(2) Ltd., R.No. 669, Nerolac House, K.G. Marg, Aayakar Bhavan, V. Lower Parel, Mumbai 400013 M.K. Road, Mumbai- 400020 स्थायी ऱेखा सं./ Pan : Aaacg1376N (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…t Report. c. The learned Commissioner of Income-tax (Appeals) has erred in not following the decision of Supreme Court in the case of CIT Vs. Indo Nippon Chemical Co. Ltd (261 ITR 275) and decision of I.T.A.T. Mumbai in the case of Hawkins Cookers Ltd V. ITO (14 DTR 206). 5. a. The learned Commissioner of Income-tax (Appeals) erred in upholding action of the Assessing Officer of making adjustment/addition of Rs.53,16,420/- on account of notional guarantee fee for counter guarantee given by the appellant to an Associated Concern. b. The learned Commissioner of Income-tax (Appeals) erred in upholding action of the…

PIRAMAL HEALTHCARE LTD,MUMBAI vs. DCIT 7(1), MUMBAI

The appeal of the revenue is partly allowed for statistical purposes in terms of our aforesaid observations

Bench: Shri G.S.Pannu & Shri Ravish Soodpiramal Healthcare Limited Deputy Commissioner Of Income (Now Known As Piramal Enterprises Ltd.) Tax- 7(1) Piramal Tower, Room No. 622, Aayakar Bhavan, Ganpatrao Kadam Marg, Vs. M.K. Road Lower Parel, Mumbai- 400 020 Mumbai – 400 013

…claim of the assessee that the amount reflected in Clause 12(b) of the tax Audit report shall be treated as the adjustment required u/s 145A, and in support thereof had relied on the order of the ITAT, Mumbai in the case of Hawkins Cookers Ltd. Vs. ITO (2008) 14 DTR 206 (Mum). We have perused Clause 12(b) (Page 61 of „APB‟) of the Tax Audit report of the assessee and find that it is the claim of the assessee that the impact of grossing up of tax, duty, cess etc. by restating the values of purchases and inventories by inter alia including the effect of CENVAT credit will be Nil, subject to Sec. 43B that the duty,…

DCIT CIR - 3(1), MUMBAI vs. M/S. GUJARAT AMBUJA CEMENTS LTD., MUMBAI

In the result, Revenue’s appeal is dismissed

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

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI N.K. PRADHAN, ACCOUNTANT MEMBER ITA no.7092/Mum./2005 (Assessment Year : 2002–03) Ambuja Cement Ltd. (Earlier known as Gujarat Ambuja Cements Ltd.) 122, Maker Chambers–III ……………. Appellant Nariman Point, Mumbai 400 021 PAN – AAACG0569P v/s Dy. Commissioner of Income Tax ……………. Respondent Range–3(1), Mumbai ITA no.7227/Mum./2005 (Assessment Year : 2002–03) Dy. Commissioner of Income Tax ……………. Appellant Range–3(1), Mumbai v/s Ambuja Cement Ltd. (Earlier known as Gujarat Ambuja Cements Ltd.) 122, Maker Chamber…

M/S. GUJARAT AMBUJA CEMENTS LTD.,,MUMBAI vs. DCIT RG. 3(1), MUMBAI

In the result, Revenue’s appeal is dismissed

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

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI N.K. PRADHAN, ACCOUNTANT MEMBER ITA no.7092/Mum./2005 (Assessment Year : 2002–03) Ambuja Cement Ltd. (Earlier known as Gujarat Ambuja Cements Ltd.) 122, Maker Chambers–III ……………. Appellant Nariman Point, Mumbai 400 021 PAN – AAACG0569P v/s Dy. Commissioner of Income Tax ……………. Respondent Range–3(1), Mumbai ITA no.7227/Mum./2005 (Assessment Year : 2002–03) Dy. Commissioner of Income Tax ……………. Appellant Range–3(1), Mumbai v/s Ambuja Cement Ltd. (Earlier known as Gujarat Ambuja Cements Ltd.) 122, Maker Chamber…

BASF COATINGS (INDIA) P.LTD ( SINCE MERGED WITH BASF INDIA LTD),MUMBAI vs. ASST CIT CIR 6(1), MUMBAI

In the result assessee’s appeal is allowed for statistical purposes

Bench: Shri Shamim Yahya & Shri Sandeep Gosain

…ng exclusive method of accounting in respect of modvat as prescribed by the accounting standards-2 of the Institute of charted accountants of India and also in accordance with the directions of ITAT Mumbai bench in the case of Hawking’s Cookers Limited vs ITO 14 DTR 206. The assessee has also stated that the tax audit report clearly mentions that no adjustment in view of the section 145A of the Income Tax Act is required. The authorities below have rejected the submissions without pointing out any reason as to why the above submissions of the assessee deserve to be rejected. It is settled law that even administra…

DCIT RG. - 3(1), MUMBAI vs. M/S. GUJARAT AMBUJA CEMENTS LTD., MUMBAI

In the result, appeal filed by the assessee is partly allowed and the appeal of the Revenue is dismissed

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am Gujarat Ambuja Cements Limited, The Dy. Commissioner Of 122, Maker Chambers, Iii, Income-Tax- Range 3(1), फनधभ/ Nariman Point, Aayakar Bhavan, Vs. Mumbai-400021. M K Marg, Mumbai-400020 Dy. Commissioner Of Income- Gujarat Ambuja Cements Tax-Range 3(1), Limited, 122, Maker फनधभ/ Room No.607, 6Th Floor, Chambers, Iii, Nariman Point, Aayakar Bhavan, Mumbai-400021 Vs. M K Marg, Mumbai-400020 स्थधमी रेखध सं./ Pan : Aaacg0569P (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) :

…unutilized balance of MODVAT credit is nothing but excise duty paid on inputs to be utilized on future dispatch of finished goods. The said credit is not related to the closing stock of raw-material and should not be added to the closing stock and relied upon 14 DTR 206 Mum, HawkinsCookers Ltd. vs. ITO, CIT vs. Godrej & Boyce Mfg. Co. Ltd. (2008) 2 DTR 36(Bom) , DCIT vs. Venus Wire Industries Ltd. (2006) 99 TTJ 561 (Mum) & DCIT vs. M/s Axis Electrical Components (I) (P) Ltd. (2011-TIOL-351-ITAT, Mum) and argued that the decision of Melmould Corporation vs. CIT 202 ITR 789 (Bom) is not applicable as soon as in the…