MORARJEE REALITIES LTD ( NOW KNOW AS PENINSULA LAND LTD), MUMBAI V. ITO 6(3)(4), MUMBAI

ITA 2051/MUM/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 7567 (ITAT-MUMBAI)
• Duration Of Justice: 10 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-02-2010
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2003-2004
• Appeal Filed On: 02-04-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: T T JACOB; S S RANA SATISHCHANDRA
• Assessee Lawyers: M D INAMDAR
• Keywords: Set aside

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES B, MUMBAI BEFORE SHRI R.S.SYAL, AM AND SHRI R.S.PADVEKAR, JM ITA NO.2051/MUM/2009 : ASST.YEAR 2003-2004 M/S.MORARJEE RELAITIES LIMITED (NOW KNOWN AS PENINSULA LAND LIMITED) PENINSULA SPENTA, MATHURADAS MILL COMPOUND, SENAPATI BAPAT MAGAR LOWER PAREL, MUMBAI 400 013 PA NO.AAACT5173A. VS. THE INCOME TAX OFFICER WARD 6(3)(4) MUMBAI. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI M.D.INAMDAR RESPONDENT BY : S/SHRI S.S.RANA, SATISHCHANDRA & T. T.JACOB O R D E R PER : R.S.SYAL, AM : THIS APPEAL BY THE ASSESSEE ARISES OUT OF THE ORDER PASSED BY THE COMMISSIONER OF INCOME-TAX(APPEALS) ON 20.01.2009 I N RELATION TO THE ASSESSMENT YEAR 2003-2004. 2. THE ONLY ISSUE RAISED THROUGH VARIOUS GROUNDS IS AGAINST UPHOLDING THE ACTION OF THE ASSESSING OFFICER IN MAKING ADDITION TO CLOSING STOCK AMOUNTING TO RS.79,18,963 IN RESPECT OF UNUTILIZED MODVAT CREDIT . 3. WE FIND THAT THIS ISSUE IS NOW SETTLED BY THE JU DGEMENT OF THE HONBLE DELHI HIGH COURT IN THE CASE OF CIT VS. MAHAVIR ALLUMINIUM LTD. [(2008) 297 ITR 77 (DEL.)] HOLDING THAT THE EXCISE DUTY IS TO BE INCLUDED I N BOTH THE OPENING AS WELL AS CLOSING STOCK. SIMILARLY THE HONBLE BOMBAY HIGH COURT IN THE CASE OF CIT VS. MAHALAXMI GLASS(2009) 318 ITR 116 (BOM) HAS TAKEN THE SAME VIEW. BOTH THE SIDES ARE IN AGREEMENT THAT THE ISSUE IS COVERED BY THE AFORENOTED JUDGMENTS. WE, THEREFORE, SET ASIDE THE IMPUGNED ORDER AND RESTORE THE MATTER TO THE FILE OF THE ASSESSING OFFICER FOR GIVING EFFECT TO THE PROVISIO NS OF SECTION 145A QUA THIS ITEM ITA NO.2051/MUM/2009 M/S.MORARJEE REALITIES LIMITED. 2 AS PER THE LAW LAID DOWN BY THE HONBLE JURISDICTIO NAL HIGH COURT IN THE AFORESTATED CASE, AFTER ALLOWING A REASONABLE OPPOR TUNITY OF BEING HEARD TO THE ASSESSEE. 4. IN THE RESULT, THE APPEAL IS ALLOWED FOR STATIS TICAL PURPOSES. ORDER PRONOUNCED ON THIS 18 TH DAY OF FEBRUARY, 2010. SD/- SD/- ( R.S.PADVEKAR ) ( R.S.SYAL ) JUDICIAL MEMBER ACCOUNTANT ME MBER MUMBAI : 18 TH FEBRUARY, 2010. DEVDAS* COPY TO : 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE CIT CONCERNED 4. THE CIT(A) VII, MUMBAI. 5. THE DR/ITAT, MUMBAI. 6. GUARD FILE. TRUE COPY. BY ORDER ASSISTANT REGISTRAR, ITAT, MUMBAI. ITA NO.2051/MUM/2009 M/S.MORARJEE REALITIES LIMITED. 3 DATE INITIAL 1. DRAFT DICTATED ON 17.02.2010 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 17.02.2010 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS/PS 6. KEPT FOR PRONOUNCEMENT ON SR.PS 7. FILE SENT TO THE BENCH CLERK SR.PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK. 9. DATE OF DISPATCH OF ORDER.