Sunshield Chemicals Private Ltd. v. ITO in ITA

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) ..

…o.7196/Mum/2013 value inventory as on the date of valuation. We have observed that the Mumbai-tribunal has passed an elaborate order in the case of Sunshield Chemicals Private Ltd. v. ITO in ITA no. 5045/Mum/2010 vide order dated 09.12.2015 reported in (2016) 156 ITD 452(Mum-trib.) of which one of us was part of DB pronouncing the said order , wherein tribunal held that per Section 145A it is mandatory for taxpayers to follow inclusive method, by holding as under:- “16. We have heard both the parties and perused the material on record including case laws relied upon by the both the parties. We have observed that…

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) ..

…o.7196/Mum/2013 value inventory as on the date of valuation. We have observed that the Mumbai-tribunal has passed an elaborate order in the case of Sunshield Chemicals Private Ltd. v. ITO in ITA no. 5045/Mum/2010 vide order dated 09.12.2015 reported in (2016) 156 ITD 452(Mum-trib.) of which one of us was part of DB pronouncing the said order , wherein tribunal held that per Section 145A it is mandatory for taxpayers to follow inclusive method, by holding as under:- “16. We have heard both the parties and perused the material on record including case laws relied upon by the both the parties. We have observed that…

Gujarat Glass P. Ltd(Earlier Known As Gujarat Glass P. Ltd ), Mumbai vs. Addl CIT Cir 6(3), Mumbai

In the result, appeal stands partly allowed

Bench: Shri Rajendra & Shri Saktijit Deyआयकर अऩीऱ सं. / Ita No. 8360/Mum./2010 (ननधधारण वषा / Assessment Year : 2006–07) Gujarat Glass Pvt. Ltd. (Now Known As Piramal Glass Ltd.) …….………. अऩीऱधथी / Piramal Tower, G.K. Marg Appellant Lower Parel, Mumbai 400 013 Pan – Aabcg0093R V/S Addl. Commissioner Of Income Tax ..…….………. प्रत्यथी / Circle–6(3), Mumbai Respondent ननधधाररती की ओर से / Assessee By : Shri Yogesh Thar रधजस्व की ओर से / Revenue By : Shri N.K. Chand सुनवधई की तधरीख / आदेश घोषणध की तधरीख / Date Of Hearing – 03.10.2016 Date Of Order – 16.12.2016 आदेश / Order शक्तिजीि दे, न्याययक सदस्य के द्वारा / Per Saktijit Dey, J.M.

…ng the closing stock, a further addition would amount to double addition. In support of such contention, he relied upon the following decisions:– i) Hawkins Cooker Ltd. v/s ITO, ITA no.505/Mum./2004 dated 11.8.2008; ii) Sunshield Chemicals Pvt. Ltd. v/s ITO, 156 ITD 452; iii) R.R. Kabel Ltd. v/s ACIT, 25 taxmann.com 559; and iv) Ramratan Wires v/s ACIT, ITA no.2180/Mum./2012 dated 13.9.2013. 41. He submitted, the Assessing Officer should have examined whether assessee had followed guidance note of ICAI. 42. Learned Departmental Representative on the other hand submitted the issue can be verified by the Assessin…