Itxa/341/2002 Of The Commissioner Of Income Tax, Mumbai-Ii v. L And T Mcneil Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYO.O.C.J. INCOME TAX APPEAL NO. 341 OF 2002 The Commissioner of Income tax,Mumbai-II, Mumbaiv/s. M/s. L & T McNeil Ltd. .. appellant .. Respondent Mr. K.R.Chaudhary i/by Mr.H.D.Rathod forappellant. Mr.A.K.Jesani i/by M/s.T.Poran & Co. forrespondent. CORAM: R.M.LODHA ANDJ.P.DEVADHAR, JJ. DATED:18thAugust, 2004 P.C. Heard.2. In this appeal, two substantial questions oflaw have been proposed. The said questions readthus-"1. Whether on the facts and in thecircumstances of the case, the Tribunal wasright in law in confirming the order of theCIT(A) deleting the addition ofRs.30,94,277/- made by assessing officer tothe closing stock on account of unutilisedModvat Credit?2. Whether on the facts and in thecircumstances of the case, the Tribunal wasright in law in confirming the order of theCIT(A) in directing the assessing officerto delete the disallowance of Rs.44,389/-in respect of royalty paid by the assesseeas revenue expenditure?"3. In the light of the judgment of the SupremeCourt in the case of Commissioner of Income-Tax v.Indo Nippon Chemicals Co.Ltd., 261 ITR 275, the learned counsel for the revenue does not press August, 2004. 5. No substantial question of law arises. Appealis dismissed in limine. (R.M.LODHA, J.)(J.P. DEVADHAR, J.)