| The Tax Publishers2020 TaxPub(DT) 0223 (SC) INCOME TAX ACT, 1961,
Section 261 Section 145A
Where the Department preferred SLP to appeal against the judgment of Bombay High Court in Pr. CIT v. M/s. Hindustan Organics Chemicals Ltd. [ITA Nos. 552, 605, 607 of 2015, dt. 25-7-2017] : 2018 TaxPub(DT) 0876 (Bom-HC), whereby it was held that since accounting of assessee, Public sector company undertaking, was done as per section 145A and the auditor also stated that impact of tax was nil, Tribunal was justified in deleting the addition of excise duty from closing stock of assessee, the Supeme Court dismissed the SLP and pending applications therein as withdrawn, however, leaving the question of law open.
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Appeal (Supreme Court) - Special leave petition - Valuation of closing stock - Excise duty
Department preferred SLP to appeal against the judgment of Bombay High Court in Pr. CIT v. M/s. Hindustan Organics Chemicals Ltd. [ITA Nos. 552, 605, 607 of 2015, dt. 25-7-2017] : 2018 TaxPub(DT) 0876 (Bom-HC), whereby it was held that since accounting of assessee, Public sector company undertaking, was done as per section 145A and the auditor also stated that impact of tax was nil, Tribunal was justified in deleting the addition of excise duty from closing stock of assessee. Held: Counsel for the petitioner, on instructions, issued by the Department of Revenue, Ministry of Finance vide F.No. 390/Misc./116/2017-JC, dated 22-8-2019, seeks permission to withdraw this Special Leave Petition along with pending applications therein due to low tax effect. Permission granted, subject to just exceptions. The special leave petition and pending applications were dismissed as withdrawn, leaving question of law open.
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