Court In The Case Of Commissioner Of Income Tax v. Indo Nippon Chemicals Co.ltd., 261 Itr 275

IN THE HIGH COURT OF JUDICATURE AT BOMBAY O.O.C.J. INCOME TAX APPEAL NO.226 OF 2002 The Commissioner of Income-tax-I,Mumbai City-II, Mumbai.. Appellantv/s.M/s.Balsara Hygiene Products Ltd. .. Respondent Ms.S.V.Bharucha with Mr.K.R.Chaudhary i/by Mr.H.D.Rathod for appellant. Mr.Prakash Shah i/by M/s.DSK Legal for respondent. CORAM: R.M.LODHA ANDJ.P.DEVADHAR, JJ. DATED:27thAugust, 2004 P.C. Heard Ms.S.V.Bharucha, the learned counsel forthe revenue.2. In the memorandum of appeal, two substantialquestions of law have been proposed which readthus-"(i)Whether on the facts and in thecircumstances of the case and in lawthe ITAT erred in deleting theaddition of Rs.98,000/- made to theclosing stock on account ofunutilised Modvat credit?(ii)Whether on the facts and in thecircumstances of case and in law,the ITAT erred in holding that therespondent is entitled for deductionu/s.32AB of the I.T.Act?"3. So far as proposed question No.(i) isconcerned, we find that the controversy raised by Court in the case of Commissioner of Income Tax v. Indo Nippon Chemicals Co.Ltd., 261 ITR 275. rise to any substantial question of law. Dismissedin limine. (R.M.LODHA, J.) (J.P. DEVADHAR, J.)