2019 (6) TMI 1723 - HC - Income Tax

Deduction of excise duty on closing stock - Serious accounting principal errors made by Department in formulating the grounds in this intended appeal - HELD THAT - The learned tribunal in its impugned order 2018 (1) TMI 1739 - ITAT KOLKATA has given very detailed and cogent reasons in support of its finding, particularly, the one stating that its decision is based on a Supreme Court Judgement in the case of Berger Paints India Ltd 2004 (2) TMI 4 - SUPREME COURT . Furthermore, in the subsequent assessment years 2007-08, 2008-09 and 2009-10, the tribunal came to a similar finding which order according to available instructions are still in force. Moreover, a similar order has been passed by the tribunal in the case of Exide Industries referred to at paragraph 8 of the impugned judgement and order of the tribunal. Thus we do not think any substantial question of law has been raised in this appeal.

Summary

The High Court of Calcutta dismissed the appeal due to serious accounting errors by the department. The tribunal's decision was based on a Supreme Court judgment and similar findings in other assessment years. No substantial question of law was raised, leading to the dismissal of the appeal and stay application. (Case citation: 2019 (6) TMI 1723 - CALCUTTA HIGH COURT)