{"id":229055,"date":"2006-11-27T00:00:00","date_gmt":"2006-11-26T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/commissioner-of-income-tax-vs-acrow-india-ltd-on-27-november-2006"},"modified":"2017-03-28T12:22:51","modified_gmt":"2017-03-28T06:52:51","slug":"commissioner-of-income-tax-vs-acrow-india-ltd-on-27-november-2006","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/commissioner-of-income-tax-vs-acrow-india-ltd-on-27-november-2006","title":{"rendered":"Commissioner Of Income-Tax vs Acrow India Ltd. on 27 November, 2006"},"content":{"rendered":"<div class=\"docsource_main\">Bombay High Court<\/div>\n<div class=\"doc_title\">Commissioner Of Income-Tax vs Acrow India Ltd. on 27 November, 2006<\/div>\n<div class=\"doc_citations\">Equivalent citations: 2008 298 ITR 447 Bom<\/div>\n<div class=\"doc_bench\">Bench: H Gokhale, J Devadhar<\/div>\n<\/p>\n<pre><\/pre>\n<p>JUDGMENT<\/p>\n<p>1. The appeal is taken on board for admission. Heard Mr. Kotangale for the appellant. Mr. Sathe appears for the respondent.\n<\/p>\n<p>2. The appeal is concerning the decision of the Income-tax Appellate Tribunal for the assessment year 1991-92. Two questions of law are sought to be raised. The second question is with respect to the part of the order of the Tribunal which directs the deletion of the addition of the sales tax from the total turnover for ascertaining deduction under section 80HHC of the Income-tax Act, 1961. All that the Tribunal has done is to follow the decision of the Division Bench of this court in the case of CIT v. Sudarshan Chemicals Industries Ltd. .\n<\/p>\n<p>3. The other question is with respect to the Tribunal&#8217;s order directing the order of deletion of the addition of Rs. 17,79,248 being the value of closing stock. As far as this aspect is concerned, the statement given by the respondent-assessee to the bank is sought to be relied on by the Revenue. As far as that aspect is concerned, the Tribunal has clearly held that the valuation of the stock declared to the bank is in fact inflated and that the correct valuation of the stock was not suppressed from the Revenue. The Tribunal has relied on the judgment of the Madras High Court in the case of CIT v. N. Swamy . There the Division Bench has held that the burden of proof in such a case is on the Revenue and the same could not be discharged by merely referring to a statement of the assessee to a third party.\n<\/p>\n<p>In our view, there is no reason to interfere with the decision of the Tribunal inasmuch it has followed the decision of the Division Bench of this court and the Madras High Court.\n<\/p>\n<p>The appeal is dismissed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bombay High Court Commissioner Of Income-Tax vs Acrow India Ltd. on 27 November, 2006 Equivalent citations: 2008 298 ITR 447 Bom Bench: H Gokhale, J Devadhar JUDGMENT 1. The appeal is taken on board for admission. Heard Mr. Kotangale for the appellant. Mr. Sathe appears for the respondent. 2. The appeal is concerning the decision [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11,8],"tags":[],"class_list":["post-229055","post","type-post","status-publish","format-standard","hentry","category-bombay-high-court","category-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Commissioner Of Income-Tax vs Acrow India Ltd. on 27 November, 2006 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/commissioner-of-income-tax-vs-acrow-india-ltd-on-27-november-2006\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commissioner Of Income-Tax vs Acrow India Ltd. on 27 November, 2006 - Free Judgements of Supreme Court &amp; 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