Gujarat High Court
Ito vs M/S. Shre Sponge Steel & Forgings on 29 February, 2016
Bench: Akil Kureshi, Z.K.Saiyed
O/TAXAP/68/2007 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL NO. 68 of 2007
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ITO, WARD4(3) BARODA....Appellant(s)
Versus
M/S. SHRE SPONGE STEEL & FORGINGS
LTD.....Opponent(s)
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Appearance:
MR KM PARIKH, ADVOCATE for the Appellant(s) No. 1
MR SN DIVATIA, ADVOCATE for the Opponent(s) No. 1
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CORAM: HONOURABLE MR.JUSTICE AKIL KURESHI
and
HONOURABLE MR.JUSTICE Z.K.SAIYED
Date : 29/02/2016
ORAL ORDER
(PER : HONOURABLE MR.JUSTICE AKIL KURESHI) The Revenue's tax appeal has been admitted for consideration of 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?"
Learned Counsel for the Revenue candidly pointed out that this issue is squarely covered by the decision of the Division Bench of this Court in the case of Assistant Commissioner of Income Tax Vs. Narmada Chematur Petrochemicals Limited, [2010] 327 ITR 369 (Guj.) wherein identical issue came up for consideration, which was answered as under:
Page 1 of 2HC-NIC Page 1 of 2 Created On Thu Mar 03 01:17:18 IST 2016 O/TAXAP/68/2007 ORDER "Accordingly, it is held that the Tribunal was justified in law in excluding the excise duty at the time of valuation of the closing stock of finished goods at the end of the accounting period in the light of what is stated hereinbefore. The appeal is accordingly dismissed with no order as to costs."
In view of the said decision, the question is decided against the Revenue. Tax appeal is dismissed.
Sd/ [AKIL KURESHI, J] Sd/ [Z.K.SAIYED, J] *** Bhavesh[pps]* Page 2 of 2 HC-NIC Page 2 of 2 Created On Thu Mar 03 01:17:18 IST 2016