J.B.Chemicals and Pharmaceuticals Ltd. v. Addl.CIT ITAT Mumbai 'B'Bench

10 SOT 362Income Tax Appellate Tribunal2006#21799 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 352,026 Indian tax judgments — from 2016 to 2018.

Judgments citing J.B.Chemicals and Pharmaceuticals Ltd. v. Addl.CIT ITAT Mumbai 'B'Bench

Asstt.Commissioner of Income Tax, C-4(1), Chandigarh vs. M/S Sml Isuzu Limited, Chandigarh

In the result of the value of the opening stock and closing stock

ITA 441/CHANDI/2018[2013-14]Status: DisposedITAT Chandigarh03 Oct 2018AY 2013-14

For Appellant: Shri Neeraj JainFor Respondent: Mrs. Mona Mohanty, CIT-DR

Section 145Section 145ASection 271

…il in various cases decided by the Hon'ble ITAT, a few of which are as follows:- • West Coast Paper Mills Ltd. vs. ACIT, ITAT Mumbai-I Bench,103 1TD 19 (Mumbai) dated 3.4.2006_ • J.B.Chemicals and Pharmaceuticals Ltd. vs. Addl.CIT ITAT Mumbai 'B'Bench (2006) 10 SOT 362(Mumbai) dated 24.4.2006 • ACIT vs. S.P.Fabricators (P) Ltd. ITAT, Mumbai I Bench (2006) 10 SOT 652 (Mumbai) dated 3.4.2006 • Croyodon Chemical Works Ltd. vs. ACIT ITAT Mumbai 'C Bench (2007) 11 SOT 295 (Mumbai) dated 24.5.2006 4.2 The closing stock has been loaded with excise duty due to the reason that whatever constitutes the closing stock has c…

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

…ng practice of valuing the same by exclusive method. As a result, the purchase and sales as well inventory shall always include the element, duty, cess or fee paid. It may be stated here that in a recent decision J.B. Chemicals and Pharmaceuticals Ltd. (2006) 10 SOT 362 (Mum) similar issue came up for adjudication for AY 1999-00 and it was held that Modvat credit available etc. would have to be included while valuing the closing stock, 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 vie…

DCIT Cir 6(1), Mumbai vs. Bharat Bijlee Ltd, Mumbai

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

ITA 3217/MUM/2013[2009-10]Status: DisposedITAT Mumbai27 May 2016AY 2009-10

Bench: Shri R.C.Sharma & Shri Pawan Singhassessment Year: 2009-10 Dcit. Cir. 6(1), M/S Bharat Bijlee Ltd. Room No. 506, 5Th Floor, 6Th Floor, Electric Mansion, Aayakar Bhavan, M. K. Road, Appasahen Maratha Marg, Vs. Mumbai-20 Prabhadevi, Mumbai-400025. Pan: Aaacb2900K (Appellant) (Respondent) Assessment Year: 2009-10 M/S Bharat Bijlee Ltd. Dcit. Cir. 6(1), 6Th Floor, Electric Mansion, Room No. 506, 5Th Floor, Appasahen Maratha Marg, Aayakar Bhavan, M. K. Road, Vs. Mumbai-20 Prabhadevi, Mumbai-400025. Pan: Aaacb2900K (Appellant) (Respondent)

For Appellant: Shri Ronak G. Doshi (AR)For Respondent: Dr. Prabhakar Reddy (DR)

Section 145ASection 14ASection 234C

…)(Spl Bench) wherein it is held that for the purpose of section 145A the modvat element in opening stock should also be adjusted and the addition only to closing stock is not appropriate. Besides, the Bombay ITAT has held in the case of J.B.Chemicals v. ACIT (10 SOT 362) that for giving effect to Section 145A, the adjustment should be made not only to the closing stock but also to purchases. The assessee submits that the working shown in Tax audit report is in accordance with these two decisions and hence the addition made by the AO only to closing stock deserves to be deleted. Hence the assessee prays that the a…