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Documents citing Raymond Woollen Mills Ltd. vs Income-Tax Officer on 31 March, 1986

Income-Tax Officer vs Food Specialities Ltd. on 2 February, 1994

(m) That the decision of the Tribunal in the case of Raymond Woollen Mills Ltd. v. ITO [1986] 18 ITD 64 (Bom) (T. M.) was not applicable since it did not deal with the issue, whether excise duty formed part of the "cost of manufacture". That the facts of the assessee's case were akin to those of Glaxo Laboratories (India) Ltd., discussed at page 107 of the report rather than the facts prevailing in the case of Raymond Woollen Mills Ltd. [1986] 18 ITD 64 (Bom) ;
Income Tax Appellate Tribunal - Delhi Cites 31 - Cited by 27 - Full Document

Choksi Tube Co. Ltd. vs Inspecting Assistant Commissioner on 30 May, 1991

20. However, in view of the aforesaid order of the Tribunal in the case of Raymond Woollen Mills Ltd. (supra), with which we fully concur, the customs duty payable by the assessee would have to be added to the value of the bonded goods shown in the stock-in-trade. The net result, as held by the CIT(A), would be that the assessee's income will have to be increased by the amount of the customs duty of Rs. 22,56,273. We would, therefore, uphold the order of the CIT(A) on this issue.
Income Tax Appellate Tribunal - Mumbai Cites 15 - Cited by 0 - Full Document

Godfrey Philips India Ltd. vs Income-Tax Officer on 12 February, 1992

24. The learned counsel for the assessee also referred to the decision of the Tribunal in the case of Raymond Woollen Mills Ltd. v. ITO [1986] 18 ITD 64 (Bom.)(TM). In this case the assessee admittedly followed the cost method for valuation of closing stock. The manner in which the assessee had taken the cost of the closing stock did not result in the determination of the true and correct profits of the year and the Tribunal held that the lower authorities was justified in rejecting the assessee's method of valuation and in revaluing the closing stock on proper basis. The learned counsel for the assessee submitted before us that the facts in that case were distinguishable from the facts of the case under consideration by us, inasmuch as in that case the assessee has not included customs duties on raw material, countervailing duty on synthetic fibres imported and excise duty on locally purchased synthetic fibres, excise duty on production and manufacture of intermediate products, excise duty on its end-products and sales/purchase tax, octroi duty etc. on materials purchased as well as goods sold. The learned counsel submitted that the method was far too irregular to be acceptable, and according to him the decision was not an authority for the proposition that the end-product excise duty should form part of the closing stock.
Income Tax Appellate Tribunal - Mumbai Cites 17 - Cited by 8 - Full Document

Kurisetti Satyanarayanamurthy vs Income-Tax Officer on 27 September, 1987

8. We have.considered the submissions. We agree with Sri Ratna-kar that there are several other methods of valuing closing stock other than the cost or market rate. A number of systems of valuation based upon commonsense keeping in view the ultimate object that the true and correct profit of the year are reflected have been recognised as proper methods for valuation of the closing stock. These are : cost price method, (2) market price method/net selling value method, (3) cost or market price whichever is lower, (4) first in first out method, (5) last in first out method and (6) direct cost and on cost method, These are discussed in the 3rd Member's decision in the case of Raymond Woollen Mills Ltd. v. ITO [1986] 18 ITD 64 (Bom.) at page 104. Among the cost price methods, there are several variations like ordinary cost, average cost and weighted average cost. The assessee is actually following the weighted average cost method insofar as he is taking into account the entire purchases made for that year with the entire purchase price. Such a method is a recognised method in milling and manufacturing accounts and this is supported by the decision of the Trav. - Coch.
Income Tax Appellate Tribunal - Hyderabad Cites 6 - Cited by 0 - Full Document

Dr. Beck And Co. (India) Ltd. vs Inspecting Assistant Commissioner on 2 December, 1991

18. The contention of the learned counsel for the assessee that that case was rendered for valuation of finished products and, therefore, it should not be applied in valuing the intermediate products, in our opinion, does not carry any force. We do not find that this distinction is based on any sound principle of accountancy or law. The closing stock has to be valued on a similar basis; be that is for valuing the closing stock, or the finished goods, or the intermediates used for captive consumption in its own factory. For the reasons given in Raymond Woollen Mills Ltd. 's case (supra), the order of the CIT (Appeals) on the point is, accordingly, reversed and that of the Assessing Officer restored.
Income Tax Appellate Tribunal - Mumbai Cites 4 - Cited by 0 - Full Document
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