New User   Login      
Tax Management India .com TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (9) TMI 804 - BOMBAY HIGH COURT

2015 (9) TMI 804 - BOMBAY HIGH COURT - TMI - Addition being direct expenses added to the value of closing stock on estimate basis by the A.O. u/s 145A - CIT(A)deleted the addition - Held that:- We find that the CIT(A) has rendered a finding of fact in the subject assessment year that the valuation of closing stock includes direct expenses such as freight charges incurred on them and are duly supported by the material receipt vouchers. This finding of fact was upheld by the Tribunal by also relyi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

. In view of the fact that two authorities have reached a concurrent finding of fact on examination of material receipt vouchers, we see no substantial question of law arising for our consideration - Decided against revenue. - Income Tax Appeal No. 1574 of 2013 - Dated:- 8-9-2015 - M. S. Sanklecha And G. S. Kulkarni, JJ. For the Appellant : Mr A R Malhotra a/w N A Kazi, Advs For the Respondent : Mr Jitendra Singh a/w Neha Paranjape, Advs ORDER P. C. This appeal by revenue under Section 260A of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ing to ₹ 3,50,31,650/- by relying on the decision of the Supreme Court in the case of CIT Vs. Alom Extrusion Ltd. (319 ITR 306)? (b) Whether, on the fact and in the circumstances of the case and in law, the Tribunal was justified in deleting the addition of ₹ 6,81,25,800/made by the A.O. being direct expenses added to the value of closing stock on estimate basis by the A.O. u/s 145A of the Income Tax Act, 1961?" 3. So far as Question (a) is concerned, this Court by an order date .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

39;s order dated 13 January 2011 passed for the Assessment Year 2007-08. Mr. Malhotra also informs us that though an appeal was filed by the revenue from the order dated 13 January 2011 of the Tribunal for the Assessment Year 2007-08 it was dismissed on 29 November 2012 for failure to remove office objections. The revenue has now taken out a Notice of Motion No. 1757/2015 on 6 July 2015 seeking condonation of delay and restoration of it's appeal for Assessment Year 2007-08. Mr. Malhotra subm .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e. In the above view, at the request of the Counsel, we take up Question (b) as proposed for consideration. 5. For the Assessment Year 2008-09, the Assessing Officer found that the Audit Report indicated that direct expesnes had not been considered while computing the value of closing stock. Thus the Assessing Officer invoked Section 145A of the Act and enhanced value of closing stock as direct expenses incurred such as freight, etc. had not been included to arrive at valuation of the closing st .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ears 2002-03 and 2004-05 and of the Tribunal for the Assessment Years 2003-04 and 2004-05 in the respondentassessee's own case. In view of the above, the appeal of the respondentassessee was allowed by order dated 23 September 2011 of the CIT(A). 7. Being aggrieved, the revenue carried the issue in appeal to the Tribunal. By the impugned order, the Tribunal dismissed the appeal of the revenue by placing reliance upon it's order dated 13 January 2011 passed in respect of the Assessment Ye .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

peal. 8. Mr. Malhotra, learned Counsel for the revenue points out that audit report submitted by the assessee indicates that the respondent had not considered direct expenses while computing the valuation of closing stock. It is in the above view that the Assessing Officer has added estimated expenses to arrive at the appropriate valuation of the closing stock. It is further submitted that each assessment has to be considered on the facts arising in the case for that assessment year and undue re .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version