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Documents citing Commissioner Of Income-Tax vs Mahalaxmi Glass Works (P.) Ltd. on 13 September, 1989

Dcit 2(2), Mumbai vs Larsen & Toubro Ltd, Mumbai on 14 May, 2025

10.3. On careful perusal of section 145A, CBDT circular explaining the provisions of section 145A and decision of Hon'ble Supreme Court in case of Indo Nippon(supra), and decision of Hon'ble Bombay High Court in case of CIT vs. Mahalakshmi Glass Works Pvt.Ltd (supra) and in case of CIT vs. Mahalakshmi Glass Works Pvt.Ltd., (supra), we note that any adjustments made in the valuation of inventories will affect both the opening and closing stock. And thus whatever adjustment is made in the valuation of closing stock, the same will have to be reflected in the opening stock, irrespective of any consequences on the computation of income for tax purposes.
Income Tax Appellate Tribunal - Mumbai Cites 148 - Cited by 0 - Full Document

Gopaldas Visram, Mumbai vs Department Of Income Tax on 1 December, 2011

Respectfully following the said decision of Hon'ble jurisdictional High Court in the case of CIT vs. Mahalxmi Glass Works Pvt. Ltd. (supra) we uphold the impugned order of the learned CIT(Appeals) directing the AO to make adjustment on account of excise duty (cenvat credit) to the value of opening stock as well as closing stock and dismiss this appeal of the Revenue.
Income Tax Appellate Tribunal - Mumbai Cites 1 - Cited by 0 - Full Document

Essel Propack Ltd, Mumbai vs Asst Cit Rg 6(2)(2), Mumbai on 28 September, 2018

The Hon'ble Bombay High Court in the case of CIT vs. Mahalaxmi Glass Works (P) Ltd. 318 ITR 116 following the Hon'ble Delhi High Court decision in the case of Mahavir Alluminimum Limited 297 ITR 77 held that to give effect to section 145A if there is a change in the closing stock at the end of the year, there must necessarily be a corresponding adjustment made in the opening stock of that year. This does not amount to giving total benefit to the assessee. It would be necessary to compute the true and correct profit for the purpose of the assessment."
Income Tax Appellate Tribunal - Mumbai Cites 10 - Cited by 0 - Full Document

Kirloskar Oil Engines Ltd., Pune vs Addl. Cit, Range-9, Pune on 1 September, 2017

118. We have heard the rival contentions and perused the record. The perusal of statements of particulars filed along with audit report in form No.3CB reflect the adjustments, if any, required to be made under section 145A of the Act, the auditor has reported that even after the adjustment, there is no impact on the profit for the year. The Hon'ble Bombay High Court in CIT Vs. Mahalaxmi Glass Works P. Ltd. (supra) has held that in case any adjustment is made in the closing stock, then the similar adjustment is to be made in the opening stock also and the same would not have any impact on the profit for the year.
Income Tax Appellate Tribunal - Pune Cites 46 - Cited by 4 - Full Document

Crompton Greaves Ltd, Mumbai vs Department Of Income Tax on 28 March, 2012

therefore, adjustment has to be made under the closing stock. But once there was adjustment in the closing stock then opening stock has also to be adjusted in the same manner to ascertain the correct profit and loss of the business. This position was admitted by the department before the Hon'ble Bombay High Court in the case of CIT vs. Mahalaxmi Glass Works Pvt. Ltd. [supra]. Therefore, we set aside the order of the ld. CIT(A) and remit the matter back to the file of the AO with a direction that in the year where only closing stock has been enhanced the corresponding enhancement shall be made in the opening stock also. However, wherever the opening stock has already been adopted on the adjusted value of the closing stock of the previous year, then there is no need to enhance the opening stock. Needless to say that assessee should be provided adequate opportunity.
Income Tax Appellate Tribunal - Mumbai Cites 56 - Cited by 0 - Full Document

Eftec Shroff (India) Ltd , Mumbai vs Assessee on 19 September, 2007

19. We have carefully considered the submissions of the rival parties and perused the material available on record. Under the provisions of Section 145A of the Act, adjustments on account of modvat are required to be made in respect of purchases, sales and inventory in the closing stock. We find that recently the Hon'ble Jurisdictional High Court in CIT vs. Mahalaxmi Glass Works Pvt. Ltd. (2009) 318 ITR 116(Bom.)
Income Tax Appellate Tribunal - Mumbai Cites 22 - Cited by 0 - Full Document

Ajanta Pharma Ltd, Mumbai vs Department Of Income Tax on 22 January, 2014

"4.2. This issue had indeed came up for consideration in the earlier years. The appellant is following the „net‟ method of accounting for modvat as mandated by section 211 (3A) of companies Act read with AS-2 of ICAI pertaining to valuation of inventories. It is further submitted that compliance with the provision of section 145A is neutral as compared to the net method adopted under the mandate of provision of the companies Act. Hence, it is submitted that no adjustment is warranted under section 145A of the Act. In this regard, the appellant has filed copy of Memorandum, Trading & Profit & Loss Account in accordance with the provisions of section 145A of the Act and it is submitted it can be seen that there is no impact on determination of Profit & Loss A/c after giving effect to adjustments contemplated under section 145A of the Act. The appellant has also placed on record copy of decision in the case of CIT vs. Mahalaxmi Glass Works Pvt Ltd (2009 TIOL-233-HC-MUM-IT). The said decision supports the view point of the appellant that, if no gross up, the impact is tax neutral, no addition is required to be made. The appellant, through its working, has shown that when compliance with provision of section 145A are made by preparing Memorandum Account, no addition is warranted since it is tax neutral. Therefore, the addition of Rs. 4,85,95,725/- is required to be deleted and is accordingly deleted subject to verification on the Memorandum, Trading A/c and Profit & Loss Account in accordance with provisions of section 145A of the Act."
Income Tax Appellate Tribunal - Mumbai Cites 1 - Cited by 0 - Full Document

Assistant Commissioner Of Income Tax ... vs M/S Epl Ltd, Mumabi on 13 January, 2023

The Hon'ble Bombay High Court in the case of CIT vs. Mahalaxmi Glass Works (P) Ltd. 318 ITR 116 following the Hon'ble Delhi High Court decision in the case of Mahavir Alluminimum Limited 297 ITR 77 held that to give effect to section 145A if there is a change in the closing stock at the end of the year, there must necessarily be a corresponding adjustment made in the opening stock of that year. This does not 5 ITA NO. 2646/MUM/2022(A.Y.2007-08 amount to giving total benefit to the assessee. It would be necessary to compute the true and correct profit for the purpose of the assessment."
Income Tax Appellate Tribunal - Mumbai Cites 8 - Cited by 0 - Full Document
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