C. I.T. , Kolkata - III v. Phoenix Industries Ltd
[Citation -2014-LL-1031-23]
| Citation | 2014-LL-1031-23 |
|---|---|
| Appellant Name | C. I.T. , Kolkata - III |
| Respondent Name | Phoenix Industries Ltd. |
| Court | HIGH COURT OF CALCUTTA |
| Relevant Act | Income-tax |
| Date of Order | 31/10/2014 |
| Assessment Year | 1998-99 |
| Judgment | View Judgment |
| Keyword Tags | valuation of closing stock |
| Bot Summary: | Mr.P.K.Bhowmick, Advocate The Court : This matter was earlier mentioned by Mr. Bhowmick, learned Advocate for the revenue. This appeal under section 260A of the Income Tax Act, 1961 arising out of an order of the Income Tax Appellate Tribunal E Bench, Kolkata dated 21.4.2006 for the assessment year 1998-99 was admitted on the following question: Whether, the excise duty to be considered while valuation of closing stock when such duty has not been paid by the assessee Heard Mr. Bhowmick, learned Advocate for the appellant. We find that the issue stands covered by the judgment of the Hon'ble Supreme Court in CIT vs. Dynavisioin Ltd.: 348 ITR 380 and also by an earlier judgment of this court in CIT vs. Berger Paints India Ltd.: 254 ITR 503. Going by the said decisions, the question is answered in the negative and against the revenue. Learned Central Government Advocate is directed to serve a copy of this order upon the assessee within fortnight from date. |