2012-VIL-42-SC-DT

Equivalent Citation: [2013] 354 ITR 163

Supreme Court of India

CIVIL APPEAL NO. 6927 OF 2012 And PETITION FOR SPECIAL LEAVE TO APPEAL (CIVIL) NO. 32817 OF 2010

Date: 25.09.2012

ASSISTANT COMMISSIONER OF INCOME-TAX

Vs

TORRENT CABLES LTD.

For the Petitioner : Rupesh Kumar, Vikas Malhotra, Ms. Anil Katiyar and B.V. Balaram Das
For the Respondent : Puneet Jain and Sushil Kumar Jain

BENCH

S.H. KAPADIA AND MADAN B. LOKUR, JJ.

JUDGMENT

Heard learned counsel on both sides.

Leave granted.

The civil appeal filed by the Department is dismissed with no order as to costs.

ORDER

1. Heard learned counsel on both sides.

2. Leave granted.

3. This civil appeal filed by the Department concerns Assessment Year 1995-1996.

4. On going through the records, we find that the assessee Company has been following the net method for valuing the closing stock. It includes excise duty at the time of removal of goods. Following the order of this Court in the case of CIT v. Shri Ram Honda Power Equipment Ltd., this civil appeal filed by the Department is dismissed with no order as to costs.

Annexure

Excise duty - Execution of excise duty at time of valuing closing stock of finished goods

ORDER

Ms. H.N. Devani, J. - The Assessment Year is 1995-96. While admitting the appeal on 04.04.2008, the Court had formulated the following question:

"Whether on the facts and in the circumstances of the case, the Tribunal was right in law to exclude the excise duty at the time of valuing closing stock at the end of accounting period?"

2. It is an admitted position that the controversy involved in the present case stands concluded by a decision of even date rendered by this Court in the case of the Asstt. CIT v. Narmada Chematur Petrochemicals Ltd.

3. In the circumstances, for the reasons stated in Tax Appeal No.852 of 2007, this appeal is also dismissed.

 

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