ACIT, CHENNAI vs. M/S STERLITE INDUSTRIES (INDIA) LTD., CHENNAI

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.318 & 319/Mds/2008 "नधा"रण वष" / Assessment Year : 2004-05 आयकर अपील सं./Ita No. 1020/Mds/2010 "नधा"रण वष" / Assessment Year : 2005-06 आयकर अपील सं./Ita No. 1665/Mds/2010 "नधा"रण वष" / Assessment Year : 2006-07

disallowance made by the Assessing Officer to the extent of `5.50 Crores is restored. 15. The next ground of appeal is with regard to addition of `38.83 Crores. ITA No.1020,1665 & 1386/Mds/10 16. Shri M. Swaminathan, Ld. Sr.Standing Counsel for the Revenue, submitted that the assessee changed its method of accounting in respect of copper concentrate purchases from mark

ACIT, CHENNAI vs. M/S. STERLITE INDUSTRIES (INDIA) LTD., TUTICORIN

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.318 & 319/Mds/2008 "नधा"रण वष" / Assessment Year : 2004-05 आयकर अपील सं./Ita No. 1020/Mds/2010 "नधा"रण वष" / Assessment Year : 2005-06 आयकर अपील सं./Ita No. 1665/Mds/2010 "नधा"रण वष" / Assessment Year : 2006-07

disallowance made by the Assessing Officer to the extent of `5.50 Crores is restored. 15. The next ground of appeal is with regard to addition of `38.83 Crores. ITA No.1020,1665 & 1386/Mds/10 16. Shri M. Swaminathan, Ld. Sr.Standing Counsel for the Revenue, submitted that the assessee changed its method of accounting in respect of copper concentrate purchases from mark

M/S STERLITE INDUSTRIES (INDIA) LTD.,TUTICORIN vs. DCIT, CHENNAI

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.318 & 319/Mds/2008 "नधा"रण वष" / Assessment Year : 2004-05 आयकर अपील सं./Ita No. 1020/Mds/2010 "नधा"रण वष" / Assessment Year : 2005-06 आयकर अपील सं./Ita No. 1665/Mds/2010 "नधा"रण वष" / Assessment Year : 2006-07

disallowance made by the Assessing Officer to the extent of `5.50 Crores is restored. 15. The next ground of appeal is with regard to addition of `38.83 Crores. ITA No.1020,1665 & 1386/Mds/10 16. Shri M. Swaminathan, Ld. Sr.Standing Counsel for the Revenue, submitted that the assessee changed its method of accounting in respect of copper concentrate purchases from mark

ACIT, CHENNAI vs. M/S. STERLITE INDUSTRIES (INDIA) LTD., TUTICORIN

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.318 & 319/Mds/2008 "नधा"रण वष" / Assessment Year : 2004-05 आयकर अपील सं./Ita No. 1020/Mds/2010 "नधा"रण वष" / Assessment Year : 2005-06 आयकर अपील सं./Ita No. 1665/Mds/2010 "नधा"रण वष" / Assessment Year : 2006-07

disallowance made by the Assessing Officer to the extent of `5.50 Crores is restored. 15. The next ground of appeal is with regard to addition of `38.83 Crores. ITA No.1020,1665 & 1386/Mds/10 16. Shri M. Swaminathan, Ld. Sr.Standing Counsel for the Revenue, submitted that the assessee changed its method of accounting in respect of copper concentrate purchases from mark

M/S. STERLITE INDUSTRIES (INDIA) LTD.,MADURAI vs. ADDITIONAL CIT, CHENNAI

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.318 & 319/Mds/2008 "नधा"रण वष" / Assessment Year : 2004-05 आयकर अपील सं./Ita No. 1020/Mds/2010 "नधा"रण वष" / Assessment Year : 2005-06 आयकर अपील सं./Ita No. 1665/Mds/2010 "नधा"रण वष" / Assessment Year : 2006-07

disallowance made by the Assessing Officer to the extent of `5.50 Crores is restored. 15. The next ground of appeal is with regard to addition of `38.83 Crores. ITA No.1020,1665 & 1386/Mds/10 16. Shri M. Swaminathan, Ld. Sr.Standing Counsel for the Revenue, submitted that the assessee changed its method of accounting in respect of copper concentrate purchases from mark

ACIT, CHENNAI vs. M/S STERLITE INDUSTRIES (INDIA) LTD., TUTICORIN

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.318 & 319/Mds/2008 "नधा"रण वष" / Assessment Year : 2004-05 आयकर अपील सं./Ita No. 1020/Mds/2010 "नधा"रण वष" / Assessment Year : 2005-06 आयकर अपील सं./Ita No. 1665/Mds/2010 "नधा"रण वष" / Assessment Year : 2006-07

disallowance made by the Assessing Officer to the extent of `5.50 Crores is restored. 15. The next ground of appeal is with regard to addition of `38.83 Crores. ITA No.1020,1665 & 1386/Mds/10 16. Shri M. Swaminathan, Ld. Sr.Standing Counsel for the Revenue, submitted that the assessee changed its method of accounting in respect of copper concentrate purchases from mark

PHA INDIA PVT LTD.,SRIPERAMBUDUR vs. DCIT, CHENNAI

In the result, the appeal of the assessee is dismissed

Bench: Shri N.R.S. Ganesan & Shri Chandra Poojari] आयकर अपील सं./I.T.A. No.891/Mds/2017 "नधा"रण वष" /Assessment Year : 2011-2012. M/S. Pha India Pvt. Ltd, Vs. The Deputy Commissioner Of No.C-16 & C-25, Income Tax, Sipcot Industrial Park, Company Circle 5(2) Irrungattukottai, Chennai. Sriperumbudur, Tamil Nadu 602 117. [Pan Aaacp 6585A]

disallowance under section 145A of the Act and this ground was not pressed before the ld. Commissioner of Income Tax (Appeals

MYNAH INDUSTRIES LTD.,HOSUR vs. ITO TDS WARD, SALME

In the result, the assessee’s appeals in I

Bench: Shri N.R.S. Ganesan & Shri Inturi Rama Raoआयकर अपील सं./Ita Nos.2433, 2434, 2435, 2436 & 2437/Chny/2018 "नधा"रण वष" /Assessment Years : 2014-15, 2015-16, 2014-15, 2012-13 & 2011-12 M/S Mynah Industries Ltd., The Income Tax Officer, No.66, Mugalapalli Village, V. Tds Ward, Salem. Hosur – 635 105. The Assistant / Deputy Commissioner Of Income Tax, Pan : Aabcr 5484 M Circle(1), Hosur. (अपीलाथ"/Appellant) (""यथ"/Respondent)

Section 145A(a)(ii) clearly says that the valuation of purchase and sale of goods and inventory shall be estimated including duty, cess or fee paid or incurred by the assessee. In view of the above, the same cannot be reduced from the closing stock. Therefore, the CIT(Appeals) has rightly confirmed the order of the Assessing Officer

MYNAH INDUSTRIES LTD.,HOSUR vs. ITO TDS WARD, SALME

In the result, the assessee’s appeals in I

Bench: Shri N.R.S. Ganesan & Shri Inturi Rama Raoआयकर अपील सं./Ita Nos.2433, 2434, 2435, 2436 & 2437/Chny/2018 "नधा"रण वष" /Assessment Years : 2014-15, 2015-16, 2014-15, 2012-13 & 2011-12 M/S Mynah Industries Ltd., The Income Tax Officer, No.66, Mugalapalli Village, V. Tds Ward, Salem. Hosur – 635 105. The Assistant / Deputy Commissioner Of Income Tax, Pan : Aabcr 5484 M Circle(1), Hosur. (अपीलाथ"/Appellant) (""यथ"/Respondent)

Section 145A(a)(ii) clearly says that the valuation of purchase and sale of goods and inventory shall be estimated including duty, cess or fee paid or incurred by the assessee. In view of the above, the same cannot be reduced from the closing stock. Therefore, the CIT(Appeals) has rightly confirmed the order of the Assessing Officer

MYNAH INDUSTRIES LTD.,HOSUR vs. ITO TDS WARD, SALME

In the result, the assessee’s appeals in I

Bench: Shri N.R.S. Ganesan & Shri Inturi Rama Raoआयकर अपील सं./Ita Nos.2433, 2434, 2435, 2436 & 2437/Chny/2018 "नधा"रण वष" /Assessment Years : 2014-15, 2015-16, 2014-15, 2012-13 & 2011-12 M/S Mynah Industries Ltd., The Income Tax Officer, No.66, Mugalapalli Village, V. Tds Ward, Salem. Hosur – 635 105. The Assistant / Deputy Commissioner Of Income Tax, Pan : Aabcr 5484 M Circle(1), Hosur. (अपीलाथ"/Appellant) (""यथ"/Respondent)

Section 145A(a)(ii) clearly says that the valuation of purchase and sale of goods and inventory shall be estimated including duty, cess or fee paid or incurred by the assessee. In view of the above, the same cannot be reduced from the closing stock. Therefore, the CIT(Appeals) has rightly confirmed the order of the Assessing Officer

MYNAH INDUSTRIES LTD.,HOSUR vs. ITO TDS WARD, SALME

In the result, the assessee’s appeals in I

Bench: Shri N.R.S. Ganesan & Shri Inturi Rama Raoआयकर अपील सं./Ita Nos.2433, 2434, 2435, 2436 & 2437/Chny/2018 "नधा"रण वष" /Assessment Years : 2014-15, 2015-16, 2014-15, 2012-13 & 2011-12 M/S Mynah Industries Ltd., The Income Tax Officer, No.66, Mugalapalli Village, V. Tds Ward, Salem. Hosur – 635 105. The Assistant / Deputy Commissioner Of Income Tax, Pan : Aabcr 5484 M Circle(1), Hosur. (अपीलाथ"/Appellant) (""यथ"/Respondent)

Section 145A(a)(ii) clearly says that the valuation of purchase and sale of goods and inventory shall be estimated including duty, cess or fee paid or incurred by the assessee. In view of the above, the same cannot be reduced from the closing stock. Therefore, the CIT(Appeals) has rightly confirmed the order of the Assessing Officer

MYNAH INDUSTRIES LTD.,HOSUR vs. ITO TDS WARD, SALME

In the result, the assessee’s appeals in I

Bench: Shri N.R.S. Ganesan & Shri Inturi Rama Raoआयकर अपील सं./Ita Nos.2433, 2434, 2435, 2436 & 2437/Chny/2018 "नधा"रण वष" /Assessment Years : 2014-15, 2015-16, 2014-15, 2012-13 & 2011-12 M/S Mynah Industries Ltd., The Income Tax Officer, No.66, Mugalapalli Village, V. Tds Ward, Salem. Hosur – 635 105. The Assistant / Deputy Commissioner Of Income Tax, Pan : Aabcr 5484 M Circle(1), Hosur. (अपीलाथ"/Appellant) (""यथ"/Respondent)

Section 145A(a)(ii) clearly says that the valuation of purchase and sale of goods and inventory shall be estimated including duty, cess or fee paid or incurred by the assessee. In view of the above, the same cannot be reduced from the closing stock. Therefore, the CIT(Appeals) has rightly confirmed the order of the Assessing Officer

ACIT, MADURAI vs. ARUNA ALLOY STEELS PRIVATE LTD., MADURAI

In the result, the Revenue’s appeal for assessment year

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.3, 933 & 847/Mds/2016 "नधा"रण वष" / Assessment Years : 2006-07, 2008-09 & 2007-08 The Assistant Commissioner Of M/S Aruna Alloy Steels (P) Ltd., Income Tax, V. Super B-3, Industrial Estate, Corporate Circle I, K-Pudur, Madurai – 625 007. Madurai. Pan : Aaeca 6781 D (अपीलाथ"/Appellant) (""यथ"/Respondent)

145A has to be made from the beginning of the financial year which can be reopened as on date till the last financial year for which the assessee has filed the return. Hence, I have reasons to believe that income has escaped assessment. Notice u/s. 148 is hereby issued. ACIT 11.01.2010 10. From the above, it is obvious that

ACIT, MADURAI vs. ARUNA ALLOY STEELS (P) LTD., MADURAI

In the result, the Revenue’s appeal for assessment year

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.3, 933 & 847/Mds/2016 "नधा"रण वष" / Assessment Years : 2006-07, 2008-09 & 2007-08 The Assistant Commissioner Of M/S Aruna Alloy Steels (P) Ltd., Income Tax, V. Super B-3, Industrial Estate, Corporate Circle I, K-Pudur, Madurai – 625 007. Madurai. Pan : Aaeca 6781 D (अपीलाथ"/Appellant) (""यथ"/Respondent)

145A has to be made from the beginning of the financial year which can be reopened as on date till the last financial year for which the assessee has filed the return. Hence, I have reasons to believe that income has escaped assessment. Notice u/s. 148 is hereby issued. ACIT 11.01.2010 10. From the above, it is obvious that

ACIT, MADURAI vs. ARUNA ALLOY STEELS PRIVATE LTD., MADURAI

In the result, the Revenue’s appeal for assessment year

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.3, 933 & 847/Mds/2016 "नधा"रण वष" / Assessment Years : 2006-07, 2008-09 & 2007-08 The Assistant Commissioner Of M/S Aruna Alloy Steels (P) Ltd., Income Tax, V. Super B-3, Industrial Estate, Corporate Circle I, K-Pudur, Madurai – 625 007. Madurai. Pan : Aaeca 6781 D (अपीलाथ"/Appellant) (""यथ"/Respondent)

145A has to be made from the beginning of the financial year which can be reopened as on date till the last financial year for which the assessee has filed the return. Hence, I have reasons to believe that income has escaped assessment. Notice u/s. 148 is hereby issued. ACIT 11.01.2010 10. From the above, it is obvious that

ACIT, CHENNAI vs. M/S. KALEESUWARI REFINERY PVT. LTD., CHENNAI

In the result, the Revenue’s appeal for ay 2007-08 in ITA No

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

section 145A. This has a neutralizing effect. The amount under consideration is statutory amount due to the assessee which can be used to set off duty payable on the finished goods. The assessee has not demonstrated as to how the cenvat credit available cannot be availed set off during the year so as to write it off. Under the circumstances

ACIT, CHENNAI vs. M/S. KALEESUWARI REFINERY PVT. LTD., CHENNAI

In the result, the Revenue’s appeal for ay 2007-08 in ITA No

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

section 145A. This has a neutralizing effect. The amount under consideration is statutory amount due to the assessee which can be used to set off duty payable on the finished goods. The assessee has not demonstrated as to how the cenvat credit available cannot be availed set off during the year so as to write it off. Under the circumstances

UNITED INDIA EXPORTERS,CHENNAI vs. ACIT, CHENNAI

In the result, the appeal of the assessee is partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George] आयकर अपील सं./I.T.A. No. 385/Mds/2017 "नधा"रण वष" /Assessment Year : 2009-2010. & S.P. No. 39/Mds/2017. M/S. United India Exporters, The Assistant Commissioner Of 73, Purswalkam High Road, Vs. Income Tax, Chennai 600 007. Business Circle 7, Chennai. [Pan Aaafu 8010G] (अपीलाथ"/Appellant) (""यथ"/Respondent)

Section 145A of the Income Tax Act, 1961. In view of the above remarks, the appellant's ground on this issue is partly allowed’’. In our opinion, ld. Commissioner of Income Tax (Appeals) having set aside the issue to the file of the ld. Assessing Officer for considering the submissions of the assessee, grievance raised by the assessee on this