Gujarat High Court
Commissioner Of Income Tax-I vs Gujarat Filaments Ltd....Opponent(S) on 18 February, 2016
Author: Akil Kureshi
Bench: Akil Kureshi, Z.K.Saiyed
O/TAXAP/1430/2008 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
TAX APPEAL NO. 1430 of 2008
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COMMISSIONER OF INCOME TAX-I....Appellant(s)
Versus
GUJARAT FILAMENTS LTD....Opponent(s)
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Appearance:
MR KM PARIKH, ADVOCATE for the Appellant(s) No. 1
SERVED BY AFFIX.-(R) for the Opponent(s) No. 1
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CORAM: HONOURABLE MR.JUSTICE AKIL KURESHI
and
HONOURABLE MR.JUSTICE Z.K.SAIYED
Date : 18/02/2016
ORDER
(PER : HONOURABLE MR.JUSTICE AKIL KURESHI)
1. Following substantial question of law was framed while admitting the tax appeal:
"1. Whether on the facts and circumstances of the case, the Appellate Tribunal was right in law in confirming the order of the CIT(A) whereby he deleted the addition of Rs. 22 lacs in the value of closing stock towards excise duty?"
2. Learned counsel for the Revenue candidly pointed out that the issue is squarely covered by the decision of Division Bench of this Court in case of Assistant Commissioner of Income Tax vs. Narmada Chematur Petrochemicals Ltd. reported in [2010] 327 ITR 369, in which, for the period prior to introduction of Page 1 of 2 HC-NIC Page 1 of 2 Created On Sat Feb 20 02:10:10 IST 2016 O/TAXAP/1430/2008 ORDER Section 145A in the Income Tax Act, 1961, it was held that the Tribunal was justified in excluding the excise duty for valuation of the closing stock on finishing goods at the end of the accounting period. The question is, therefore, answered against the Revenue. Tax appeal is dismissed.
(AKIL KURESHI, J.) (Z.K.SAIYED, J.) Jyoti Page 2 of 2 HC-NIC Page 2 of 2 Created On Sat Feb 20 02:10:10 IST 2016