Acit vs Mahesh Enamelled Wires Pvt. ... on 7 April, 2015

[Cites 1, Cited by 1]

Gujarat High Court

Acit vs Mahesh Enamelled Wires Pvt. ... on 7 April, 2015

Bench: M.R. Shah, S.H.Vora

       O/TAXAP/443/2007                             JUDGMENT




    IN THE HIGH COURT OF GUJARAT AT AHMEDABAD

                   TAX APPEAL NO. 443 of 2007


FOR APPROVAL AND SIGNATURE:


HONOURABLE MR.JUSTICE M.R. SHAH
and
HONOURABLE MR.JUSTICE S.H.VORA

======================================

1   Whether Reporters of Local Papers may be allowed to
    see the judgment ?

2   To be referred to the Reporter or not ?

3   Whether their Lordships wish to see the fair copy of the
    judgment ?

4   Whether this case involves a substantial question of
    law as to the interpretation of the Constitution of India
    or any order made thereunder ?

======================================
       ACIT, BARODA CIRCLE-4 BARODA....Appellant(s)
                         Versus
    MAHESH ENAMELLED WIRES PVT. LTD.....Opponent(s)
======================================
Appearance:
MR KM PARIKH, ADVOCATE for the Appellant(s) No. 1
RULE SERVED for the Opponent(s) No. 1
======================================

       CORAM: HONOURABLE MR.JUSTICE M.R. SHAH
              and
              HONOURABLE MR.JUSTICE S.H.VORA

                          Date : 07/04/2015

                   ORAL JUDGMENT

(PER : HONOURABLE MR.JUSTICE M.R. SHAH) Page 1 of 3 O/TAXAP/443/2007 JUDGMENT [1.0] Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned Income Tax Appellate Tribunal, Ahmedabad Bench "B" (hereinafter referred to as the "Tribunal") dated 28/04/2006 in ITA No.547/Ahd/2002 for the Assessment Year 1997-98, the revenue has preferred the present Tax Appeal raising the following substantial question of law;

"Whether on the facts and in the circumstances of the case, the ITAT was right in law to exclude the excise duty at the time of valuation of closing stock of finished goods at the end of accounting period?"

[2.0] Today, when the present Tax Appeal is taken up for final hearing, Shri K.M. Parikh, learned advocate appearing on behalf of the revenue has fairly conceded that the issue involved in the present Tax Appeal is squarely covered against the revenue in view of th decision of the Division Bench of this Court in the case of Commissioner of Income Tax Vs. M/s. Comed Chemicals Pvt. Ltd dated 26/12/2013 rendered in Tax Appeal No.1479/2006.

[2.1] Identical question came to be considered by the Division Bench of this Court in the case of M/s. Comed Chemicals Pvt. Ltd (Supra) and relying upon the earlier decision of the Division Bench of this Court in the case of Assistant Commissioner of Income Tax Vs. Narmada Chematur Petrochemicals Ltd. reported in [2010] 327 ITR 369 (Guj.) it is held by the Division Bench that the excise duty at the time of valuation of the closing stock of finished Page 2 of 3 O/TAXAP/443/2007 JUDGMENT goods at the end of the accounting period is to be excluded. In view of the binding decision of the Division Bench of this Court, the substantial question of law raised in the present Tax Appeal is answered against the revenue and in favour of the assessee.

[3.0] Under the circumstances, the present Tax Appeal is dismissed. No order as to costs.

(M.R. SHAH, J.) (S.H. VORA, J.) Siji Page 3 of 3

Unlock Advanced Research with PRISMAI

Gujarat High Court