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Golden Cross Pharma Pvt. Ltd. 12, Gunbow Street, Fort Mumbai-400 001. Vs. The Asstt. Commissioner of Income tax, Range-6(3) 5th Floor, Aayakar Bhavan, Room No.509/562 M.K. Road Mumbai-400 020.
April, 15th 2014
                            "G" Bench, Mumbai
              Before Shri Vijay Pal Rao, Judicial Member and
                  Shri N.K. Billaiya, Accountant Member

                          ITA No. 448/Mum/2013
                         (Assessment year: 2009-10)

Golden Cross Pharma Pvt. Ltd.              The Asstt. Commissioner of
12, Gunbow Street, Fort                    Income tax, Range-6(3)
Mumbai-400 001.                            5th Floor, Aayakar Bhavan,
                                           Room No.509/562
                                           M.K. Road
                                           Mumbai-400 020.

(Appellant)                                   (Respondent)

    Permanent Account No. : AABCG 0541 J

                     Assessee by       :   Shri V. Mohan
                     Revenue by        :   Shri R.K. Sahu

      Date of hearing              :       02/04/2014
      Date of Pronouncement        :       09/04/2014


Per Vijay Pal Rao, Judicial Member:

      This appeal by the Assessee is directed against the order dated
30/10/2012 of CIT(A) for the assessment year 2009-10. The Assessee
has raised the following grounds :-

      "1.    The CIT(A)-12, Mumbai erred in not deleting the addition of
      unutilized Modvat credit on closing stock of Rs.20,25,489/- made by
      the ld. ACIT, Circle 6(3).

      2.    The CIT(A) erred in restoring the issue of deduction for Modvat
      on opening stock at Rs.584/- as against appellant's claim of
      Rs.84,24,682/- (being unutilized Modvat credit added to closing
      stock by AO in AY 2008-09 u/s. 145A)
                                      2                 ITA No.448/M/13

      3.     The ld. CIT(A) has erred in not giving direction to Assessing
      Officer for allowing consequential deduction u/s. 80IB of the Act on
      the additions confirmed by her on account of unutilized Modvat
      credit of Rs.20,25,489/-"

2.    At the time of hearing the ld. Authorized Representative of the
Assessee stated that the Assessee does not want to press Ground No.1
and 2 and the same may be dismissed as not pressed. The ld. DR raised
no objection if Ground No.1 and 2 of assessee's appeal are dismissed as
not urged. Accordingly ground No.1 and 2 are dismissed being not

3.     Ground No.3 is regarding consequential deduction u/s. 80IB of the
Act on the addition confirmed by CIT(A) on account of unutilized modvat

4.    We have heard the ld. Authorized Representative of the Assessee as
well as the ld. DR and considered relevant material on record. The ld.
CIT(A) has dealt with this issue in para 7.1 of the impugned order as
under :-

            "Being consequential this ground of appeal does not need any
            adjudication. The AO to take action regarding calculation of
            deduction under section 80IB of the Income tax Act, 1961

The ld. AR of the assessee has submitted that the CIT(A) has not
adjudicated this issue to allow deduction under section 80IB, but simply
mentioned that the AO is to take action as this issue is consequential.
Thus, it is urged that specific direction be given to the AO in this regard.

5.    We find that, from the order of CIT(A) the only inference that can
be drawn is that the deduction under section 80IB(10) in respect of the
addition made on account of unutilized modvat credit is allowable.
                                     3                ITA No.448/M/13

Accordingly the AO is directed to allow the claim of the assessee to the
extent of addition made on account of unutilized modvat credit.

6.    In the result the appeal is partly allowed.

Order pronounced in the open court on 09th April, 2014.

             Sd/-                                Sd/-
        (N.K. Billaiya)                    (Vijay Pal Rao )

Mumbai, Dated: 09/04/2014

Copy to: The Appellant
        The Respondent
        The CIT, Concerned, Mumbai
        The CIT(A) Concerned, Mumbai
        The DR " " Bench

True Copy
                                           By Order

                          Dy/Asstt. Registrar, ITAT, Mumbai.
                                      4               ITA No.448/M/13

S.No. Details                    Date      Initials   Designation
1     Draft dictated on         02/04/14              JM/AM
2     Draft Placed before       02/04/14              JM/AM
3     Draft proposed &                                JM/AM
      placed before the
      Second Member
4     Draft                                           JM/AM
      by Second Member
5.    Approved Draft comes                            Sr.PS/PS
      to the Sr.PS/PS
6.    Kept for                                        Sr.PS/PS
      pronouncement on
7.    File sent to the Bench                          Sr.PS/PS
8     Date on which the file
      goes to the Head clerk
9     Date of Dispatch of
10.   Draft/shorthand           Yes
      script enclosed in file
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