The Cit-3, Mumbai v. Videocon Appliances Ltd., Mumbai

K.J. IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1198 OF 2008 The CIT-3, Mumbai )..Appellant Versus Videocon Appliances Ltd., Mumbai )..Respondents ---- Mr.Vimal Gupta with Mr.P.S.Sahadevan for the appellant. Mr.F.V.Irani with Ms.Neeta Rajda i/by DSR Associates for the respondents. ---- Coram : F.I.Rebello & R.S.Mohite,JJ Date : 13.3.2009. PC 1. Revenue is in appeal on the following question:- . Whether on the facts and in the circumstances of the case and in law the Hon’ble Tribunal was right in confirming the Order of the Ld.CIT (Appeals) holding that the advance payment of Excise Duty of in confirming the Order of the Ld.CIT (Appeals) holding that the advance payment of Excise Duty of Rs.13,00,000/- claimed as an expense u/s 43B of the Income-tax Act by the Assessee Company is to be allowed even though the Assessee Company has shown the said amound under "Loans & Advances" in its Balance Sheet ? 2. The appeal arises from the order of ITAT for the assessment year 2004-2005, which was dismissed by order dated 26.3.2008 confirming the order passed by CIT(A). The learned Tribunal relied amongst others on his own order passed in Income-tax Appeal No.2755/99. Income-tax Appeal No.2755/99 is the : 2 : subject matter in Income-tax Appeal No.77/2008. Question-A was similar to what is an issue in this appeal. Considering the reliance placed by the Tribunal in the judgment of CIT Vs. Indo Nippon Chemicals Co.Ltd., reported in 261 ITR 275, the appeal was dismissed. 3. Learned Counsel also draws our attention to the order passed in Income-tax Appeal No.26/2008 in CIT Vs. M/s.Videocon Appliances Ltd., which arose out of Income-tax Appeal No.1305/MVM/2002 wherein also a similar question arises. The appeal was dismissed placing reliance on both in the case of Indo Nipon (supra) and placing reliance on the findings of the A.O. and holding that this would not give rise to the question of law. 4. For the aforesaid reasons, in our opinion, the question of law as raised would not arise and consequently, appeal dismissed. (R.S.Mohite,J) (F.I.Rebello,J)