1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL NO.2296 OF 2009 The Commissioner of Income Tax-8 Mumbai ..Appellant. Vs. M/s. Evergreen Engineering Co. Ltd. ..Respondent. .... Mr. Suresh Kumar for the Appellant. None for the Respondent. .... CORAM: DR. D.Y. CHANDRACHUD, & J.P.DEVADHAR, JJ. 4th January, 2010. P.C. : 1. The following question of law has been framed in the appeal filed by the Revenue against the judgment of the Income Tax Appellate Tribunal dated 5th June, 2008 : "(a) Whether the unutilized Modvat credit is to be included in the valuation of the closing stock under section 145 A of the Income Tax Act, 1961?"" 2. The Tribunal has followed the judgment of the Delhi High 2 Court in Mahavir Aluminium Limited (297 ITR 77). Counsel appearing on behalf of the Revenue has stated that the judgment of the Delhi High Court has been followed by a Division Bench of this Court in the order dated 1st April, 2009 in the Commissioner of Income Tax v. The Mahalaxmi Glass Works Pvt. Ltd.(Income Tax Appeal 192 of 2009). Consequently, it was submitted that the issue is covered by the aforesaid judgments of the Delhi High Court and this Court against the Revenue. In view of the aforesaid statement, the appeal is dismissed. (DR.D.Y.CHANDRACHUD, J.) (J.P.DEVADHAR, J.)