Appeal Details

RSA Number 69819914 RSA 2008
Assessee PAN AAACM6873A
Bench Mumbai
Appeal Number ITA 698/MUM/2008
Duration Of Justice 1 year(s) 11 month(s) 12 day(s)
Appellant THE ACIT 5(2), MUMBAI
Respondent M/S. MCKECHNIE EXOTECH INDUSTRIES PVT. LTD 9 NOW KNOWN AS MGI COURTIER EXOTECH INDUSTRIES PVT. LTD(NOW KNOWN AS MGI COURTIER EXOTECH INDUSTRIES PVT. LTD), MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 13-01-2010
Appeal Filed By Department
Order Result Dismissed
Bench Allotted I
Tribunal Order Date 13-01-2010
Date Of Final Hearing 08-01-2010
Next Hearing Date 08-01-2010
Assessment Year 2004-2005
Appeal Filed On 31-01-2008
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH I MUMBAI. BEFORE SHRI SHRI J. SUDHAKAR REDDY ACCOUNTANT MEMB ER AND SHRI V.D. RAO JUDICIAL MEMBER. I.T.A. NO. 69 8/MUM/2008 ASSESSMENT YEAR : 2004-2005. ASSTT. COMMISSIONER OF M/S MECKECHNIE EXOTECH INCOME TAX-5(2) MUMBAI. VS. INDUSTRIES PVT. LTD. (NOW KNOWN AS MGI COURTIER EXPOTECH INDUSTRIES PVT.LTD.) 4 ALPANA 60 PEDDER ROAD MUMBAI 400026. PAN : AAACM6873A APPELLANT RESPONDENT APPELLANT B Y : SMT. APARNA AGARWAL RESPONDENT BY : SHRI VIJAY MEHTA. O R D E R PER J. SUDHAKAR REDDY A.M. THIS IS AN APPEAL FILED BY THE REVENUE DIRECTED A GAINST THE ORDER OF THE CIT(APPEALS)-V MUMBAI DATED 30-11-200 7 FOR THE ASSESSMENT YEAR 2004-05 ON THE FOLLOWING GROUND : ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E AND IN LAW THE LD. CIT(A) ERRED IN DIRECTING THE ASSESSING OFF ICER NOT TO INCLUDE MODVAT CREDIT IN THE CLOSING STOCK IGNORIN G THE FACT THAT THE HONBLE SUPREME COURT IN THE CASE OF CIT VS. IN DO NIPPON CHEMICAL CO. LTD. 261 ITR 275 HAS NOT CONSIDERED TH E NEW PROVISION U/S 145A INSERTED BY FINANCE (NO.2) ACT 1998 WEF 1.4.999 WHICH IS APPLICABLE IN THIS CASE. 2 2. WE HAVE HEARD MRS. APARNA AGARWAL THE LEARNED SR. A.R. ON BEHALF OF THE REVENUE AND MR. VIJAY MEHTA LEAR NED COUNSEL ON BEHALF OF THE ASSESSEE. AS SUBMITTED BY BOTH THE PA RTIES WE SET ASIDE THIS ISSUE TO THE FILE OF THE AO FOR FRESH ADJUDICATION AS ADJUSTMENTS OF EXCISE DUTY IS TO BE DONE TO THE OPENING STOCK PURCHASES SALES AS WELL AS TO THE CLOSING STOCK. THE AO SHALL APPLY THE DECISION OF T HE B-BENCH OF THE MUMBAI TRIBUNAL IN THE CASE OF FOREST ENGG. (INDIA) LTD. VS. ITO (2008) 26 SOT 178 (MUM.) AS WELL AS THE DECISION IN THE CA SE OF ACIT VS. TIME PACKAGING LTD. REPORTED IN (2008) 26 SOT 216 (MUM.) . 3. IN THE RESULT THE APPEAL OF THE REVENUE IS ALL OWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED ON THIS 13 TH DAY OF JANUARY 2010. SD/- SD/- (V.D. RAO) (J. SUDHAKARY REDDY) JUDICIAL MEMBER. ACCOUNTANT MEMBER. MUMBAI DATED : 13 TH JANUARY 2010. WAKODE COPY FORWARDED TO : 1. APPELLANT 2. RESPONDENT 3. C.I.T. 4. CIT(A) 5. DR I-BENCH (TRUE COPY) BY ORDER ASSTT.REGISTRAR ITAT MUMBAI BENCHES