Commissioner of Income Tax vs Godrej and Boyce Mfg. Co. Ltd.

The appeal has been preferred on the following questions:

(i) Whether on the facts and in the circumstances of the case, Tribunal was right in law in deleting the additions of Rs. 1.20 crores to the value of closing stock on account of Modvat credit of excise duty?

(ii) Whether on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the sales-tax receipts cannot form part of the total turnover while computing the deduction u/s 80IIHC of the Income Tax Act?

(iii) Whether on the facts and in the circumstances of the case, the Tribunal was right in law in setting aside the order of Commissioner (Appeals) and holding that the assessee is entitled to deduction u/s 32AB inclusive of income assessable under the head ''Income from other sources'' ?

Insofar as question (1) is concerned, the same is covered by the judgment of the Supreme Court in Commissioner of Income Tax Vs. Indo Nippon Chemicals Co. Ltd., .

Insofar as question No. (2) is concerned, the same is covered by the judgment of the Supreme Court in Commissioner of Income Tax, Coimbatore Vs. Lakshmi Machine Works, .

Insofar as question No. (3) is covered by the judgment of the Supreme Court (sic-Bombay High Court) in Commissioner of Income Tax Vs. Parle Biscuits Ltd., . The questions of law as framed would not arise. Consequently appeal dismissed.