M/S Alfa Laval India Ltd v. Dy.commissioner Of Income

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 540 OF 2001 M/s Alfa Laval India Ltd. ..Appellant vs. Dy.Commissioner of Income Tax Special Range 2, Bombay ..Respondents Mr.S.N.Inamdar for appellant. Mr.P.S.Sahadevan for respondents. CORAM: Dr.S.RADHAKRISHNAN & S.J.KATHAWALLA JJ.21stJuly 2008 CORAM: Dr.S.RADHAKRISHNAN & S.J.KATHAWALLA JJ. 21st P.C. P.C. 1. Heard the learned Counsel for appellant and respondents. The present appeal has been admitted on the following substantial question of law. "Whether on thef acts and in the circumstances of the case the Tribunal is right in law in upholding the addition of Rs.14,20,028/- made to closing stock by the Assessing Officer?" 2. Both the learned Counsel categorically state that the above question is clearly covered by the decision of this Court in the matter of Alfa Laval India Ltd. Vs. Deputy Commissioner of Income Tax reported in 2004 Vol.266 ITR 418. In view thereof the above question is answered in favour of the assessee and against the revenue. Income Tax Appeal is disposed of accordingly. 3. Mr.Sahadevan undertakes to file the vakalatnamas within a period of three weeks from today. KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.) (S.J.KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.) (S.J KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.) (S.J