Commissioner Of Income Tax-6, Mumbai v. M/S.cyanamid Agro Ltd

KJ IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.4108 OF 2009 Commissioner of Income Tax-6, MumbaiVs.M/s.Cyanamid Agro Ltd., )..Appellants )..Respondents ---- Mr. Suresh Kumar for the appellants. Mr.A.K.Jasani for the respondents. ---- CORAM : J. P .DEVADHAR & MRS.MRIDULA BHATKAR,JJ DATE : 31/1/2011. PC 1Two questions are raised by the Revenue in this Appeal which reads thus :- (a)Whether on the facts and in the circumstances of the case and in law, the Hon’ble ITAT are correct to hold that sum of Rs.24,63,742/- incurred and debited to the profit and loss account related to the closing stock of goods is not to be considered as part of value of closing stock ? (b)Whether on the facts and in the circumstances of the case and in law the Hon’ble ITAT are correct to hold that Rs. 5,94,450/- incurred on production of advertisement film is a revenue expenditure ? 2As regards first question is concerned, Counsel for the Revenue states that the decision of the Tribunal in the assessees’ own case for the A.Y.1994-95 has been accepted by the Revenue and no appeal has been filed against the same. In this view of the matter, first question cannot be entertained. 3As regards 2[nd] question, Counsel for the Revenue states that the said question is answered against the Revenue by the decision in the case of CIT Vs.Geoffrey Manners & Co. Ltd., reported in [2009] 315 ITR 134 (Bom). 4In this view of the matter, Appeal is dismissed. (MRS.MRIDULA BHATKAR,J) (J.P.DEVADHAR,J)