IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION INCOME INCOME INCOME TAX APPEAL (LODGING) NO. 379 OF 2003 TAX APPEAL (LODGING) NO. 379 OF 2003 TAX APPEAL (LODGING) NO. 379 OF 2003 The Commissioner of Income Tax ... Appellant Mumbai City-II V/s. M/s. Mercantile & Industrial ... Respondent Development Co. Pvt. Ltd. Mr. A.N. Kotangale for the appellant. Mr. A.K. Jasani for the respondent. CORAM CORAM CORAM : H.L. GOKHALE & : H.L. GOKHALE & : H.L. GOKHALE & V.R. V.R. V.R. KINGAONKAR,JJ. KINGAONKAR,JJ. KINGAONKAR,JJ. DATED DATED DATED : 1st August, 2006 : 1st August, 2006 : 1st August, 2006 P.C. . Mr. Kotangale appears for the appellant and Mr. Jasani for the respondent. The appeal seeks to raise the following question :- (a) Whether on the facts and in the circumstances of the case and in law, the ITAT is correct in holding that the unutilised modvat credit standing to the credit of the assessee is not individual in the closing stock the assessee, while determining the taxable income? 2. A similar issue has been decided in favour of the assessee in the Supreme Court judgment in the case of Commissioner of Income Tax V/s. Indo Nippon Chemicals Co. Ltd. reported in 261 ITR 275. Hence, the appeal is dismissed. [H.L. [H.L. [H.L. GOKHALE, J.] GOKHALE, J.] GOKHALE, J.] [V.R. [V.R. [V.R. KINGAONKAR, J.] KINGAONKAR, J.] KINGAONKAR, J.]