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Itxa/4212/2010 Of The Commissioner Of Income Tax,Mumbai,City-Ii v. M/S Mercantile And Indsutrial Development Co.pvt.ltd
Date of order
01 Aug 2006
Assessment year(s)
—
Outcome
Dismissed
In Itxa/4212/2010 Of The Commissioner Of Income Tax,Mumbai,City-Ii v. M/S Mercantile And Indsutrial Development Co.pvt.ltd, the High Court (2006) dismissed the appeal. The decision went in favour of the assessee.
Issue: The appeal seeks toraise the following question :- (a) Whether on the facts and in the circumstances ofthe case and in law, the ITAT is correct in holdingthat the unutilised modvat credit standing to thecredit of the assessee is not individual in theclosing stock the assessee, while determining thet...
Decision: Hence,the appeal is dismissed. [V.R.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL (LODGING) NO. 379 OF 2003
The Commissioner of Income Tax ... AppellantMumbai City-II
V/s.
M/s. Mercantile & Industrial... RespondentDevelopment Co. Pvt. Ltd.
Mr. A.N. Kotangale for the appellant.Mr. A.K. Jasani for the respondent.
CORAM : H.L. GOKHALE &V.R. KINGAONKAR,JJ.DATED : 1st August, 2006
P.C.
.Mr. Kotangale appears for the appellant andMr. Jasani for the respondent. The appeal seeks toraise the following question :-
(a) Whether on the facts and in the circumstances ofthe case and in law, the ITAT is correct in holdingthat the unutilised modvat credit standing to thecredit of the assessee is not individual in theclosing stock the assessee, while determining thetaxable income?2.A similar issue has been decided in favour ofthe assessee in the Supreme Court judgment in the caseof Commissioner of Income Tax V/s. Indo NipponChemicals Co. Ltd. reported in 261 ITR 275. Hence,the appeal is dismissed.
[V.R. KINGAONKAR, J.]
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