1 ITXA4016.09.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION KJ INCOME TAX APPEAL NO.4016 OF 2009 Commissioner of Income Tax-6, Mumbai )..Appellants Vs. M/s.Cyanamid Agro Ltd., )..Respondents ---- Mr. Suresh Kumar for the appellants. Mr.A.K.Jasani for the respondents. ---- CORAM : J. P .DEVADHAR & MRS.MRIDULA BHATKAR,JJ DATE : 31/1/2011. PC 1 Three questions are raised by the Revenue in this Appeal which reads thus :- (a) Whether on the facts and in the circumstances of the case and in law, the Hon’ble ITAT are correct to hold that a sum of Rs.35,61,395/- incurred as freight on closing stock and debited to the profit and loss account is not to be considered as part of value of closing stock as per section 145A ? (b) Whether on the facts and in the circumstances of the case and in law the Hon’ble ITAT are correct to follow their 2 ITXA4016.09.sxw decision in the case of Cynamid India Ltd., for A.Y.1994-95 and Franko India Pharmaceuticals Ltd., on the issue of inclusion of the freight expenses incurred by the assessee on the closing stock as a part of value of closing stock, ignoring the fact that provision of Sec.145A has been brought into statue w.e.f 01.04.1999 i.e A.Y. 1999-2000 ? 2 As regards first two questions are concerned, Counsel for the Revenue states that the decision of the Tribunal in the assessee’s own case for A.Y.1994-95 is accepted. In this view of the matter, first two questions cannot be entertained. 3 As regards 3rd question is concerned, the said question is answered against the Revenue by the decision of this Court in the case of CIT Vs. Mahalaxmi Glass Works P. Ltd., reported in [2009] 318 ITR 116 (Bom). 4 In this view of the matter, Appeal is dismissed. (MRS.MRIDULA BHATKAR,J) (J.P.DEVADHAR,J)