Revenue In 261 Itr (Sc) 275 Commissioner Of Income Tax v. Indo Nippon Chemicals Company Ltd. Under These
High Court
08 Aug 2005 In favour of: Assessee
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Revenue In 261 Itr (Sc) 275 Commissioner Of Income Tax v. Indo Nippon Chemicals Company Ltd. Under These
Date of order
08 Aug 2005
Assessment year(s)
—
Outcome
Dismissed
Case summary
In Revenue In 261 Itr (Sc) 275 Commissioner Of Income Tax v. Indo Nippon Chemicals Company Ltd. Under These, the High Court (2005) dismissed the appeal. The decision went in favour of the assessee.
Issue: Following question of law is sought to be raised. "Whether on the facts and in the circumstances of the case, the ITAT was justified in holding that a sum of Rs.4,50,000/- is to be deducted from the value of closing stock being Modvat credit"?
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
The order — as passed by the High Court
: 1 :
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX APPLICATION NO.183 OF 2000
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPLICATION NO.183 OF 2000
The Commissioner of Income-tax,
Mumbai City III, Mumbai ...Applicants.
V/s.
M/s. E-Merck (I) Ltd. ...Respondent.
Dr.P.Daniel with Mr.A.S.Rao for the Applicants.
None for the Respondent.
CORAM: S.RADHAKRISHNAN &
CORAM: S.RADHAKRISHNAN &
CORAM: S.RADHAKRISHNAN &
J.H.BHATIA, JJ. DATE : 8th August, 2005.
J.H.BHATIA, JJ.
DATE : 8th August, 2005.
P.C.:
P.C.:
1. Heard the learned counsel for the Applicants.
Following question of law is sought to be raised.
"Whether on the facts and in the
circumstances of the case, the ITAT was
justified in holding that a sum of
Rs.4,50,000/- is to be deducted from the
value of closing stock being Modvat credit"?
2. The learned counsel for the Applicant states
that the above issues are squarely covered against the
Revenue in 261 ITR (SC) 275 Commissioner of Income Tax v. Indo Nippon Chemicals Company Ltd. Under these
: 2 :
circumstances, we are not inclined to entertain the
Application. The Application stands dismissed.
(S.RADHAKRISHNAN,J.)
(S.RADHAKRISHNAN,J.)
(S.RADHAKRISHNAN,J.)
(J.H.BHATIA, J.)
(J.H.BHATIA, J.)
(J.H.BHATIA, J.)
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