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Documents citing Commissioner Of Income Tax Del vs Indian Sugar & Gen. Industry Export ... on 30 January, 2012

Shree Durga Marbles, Kishangarh vs Assessee on 16 August, 2016

The second paragraph from the judgment in the Indian Eastern Newspaper Society's case earlier extracted has also reference only to this situation and insists upon the necessity of some information which make the ITO realise that he has committed an error in the earlier assessment. This paragraph does not in any way affect the principle enumerated in the two Madras cases cited with approval in Anandji Haridas [1986] 21 S.T.C. 326. Even making allowances for this limitation placed on the observations in Kalyanji Mavji, the position as summarised by the High Court in the following words represents, in our view, the correct position in law:
Income Tax Appellate Tribunal - Jaipur Cites 13 - Cited by 0 - Full Document

Xxavient Software Solutions (I) Pvr. ... vs Dcit, Noida on 18 April, 2018

• National Constructions Co. vs. JCIT, 234 Taxman 0332, High Court of Gujarat Reassessment--Change of opinion--Notice based on audit objection--AO issuing notice under s. 148 on the basis of audit objection mechanically without any application of mind, such a notice was invalid suffering from change of opinion and no substantial question of law arises.--CIT vs. Indian Sussar & General Industry Export Import Corpn. Lid. 8 DTK 112(DeI)
Income Tax Appellate Tribunal - Delhi Cites 58 - Cited by 2 - Full Document

Dcit 1(1)(1), Mumbai vs Concorde Motors (India) Ltd, Mumbai on 1 October, 2019

10. Further, the Hon'ble Delhi High Court in CIT vs. Indian Sugar & Gen. Industry Export Import (supra) while considering the question of law whether the finding of Income-Tax Appellate Tribunal was right in accepting the NRV as declared by respondent/assessee and was right in not adopting the cost price for computation of closing stock held that the assessee could have adopted the NRV method for valuation of closing stock and whether it is mandatory to value the cost on cost basis, it was 7 ITA No.2333/Mum/2017- M/s. Concorde Motors (India) Ltd. held that Hon'ble Apex Court in various decisions and observation that closing stock can be valued on cost price or market price, if the market price is less than the cost. However, the said principle does not apply, if the market value of the closing stock is more than the cost, as profit cannot be brought to tax on notional basis.
Income Tax Appellate Tribunal - Mumbai Cites 4 - Cited by 0 - Full Document

Sri. Chamundeshwari Sugar Ltd.,, vs Department Of Income Tax on 18 March, 2016

Further according to him, similar view was also taken by Hon'ble Delhi High Court in the case of CIT v. Indian Sugar General and Gen. Industry Export Import [349 ITR 38]. As per the Ld. AR this method was consistently followed by the assessee in subsequent years and accepted by the Department. As per the Ld. AR, earlier to A. Y. 1989-90, assessee was following 30th September as its accounting year end, but by virtue of amendments made by Finance Act, 1989, assessee was compelled to follow financial year ending on 31st March as its previous year. Along with this ITA.1538/Bang/2013 Page - 8 change assessee decided to change its method of valuation of stock also from net realisable value to cost or market value, whichever was lower.
Income Tax Appellate Tribunal - Bangalore Cites 4 - Cited by 0 - Full Document
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