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Shankar Ssk Ltd. vs Deputy Commissioner Of Income Tax on 28 July, 1998 cites

The Commissioner Of Income-Tax, Madras vs A. Krishnaswami Mudaliar And Others on 16 April, 1964

In CIT vs. A. Krishnaswami Mudaliar (supra), the Hon'ble Supreme Court has observed that it was left to the option of the assessee to adopt any system of accounting and oblige the ITO to compute the income, profits and gains in accordance with such method of accounting regularly employed, if profits of the business can properly be deducted therefrom.
Supreme Court of India Cites 12 - Cited by 159 - J C Shah - Full Document

A.L.A. Firm vs Commissioner Of Income Tax, Madras on 21 February, 1991

In A. L. A. Firm vs. CIT (supra), the Hon'ble Supreme Court has held "that the proper practice is to value the closing stock at cost. That will eliminate entries relating to the same stock from both sides of the account. To this rule, custom recognises only one exception and that is to value the stock at market value if that is lower. On no principle can one justify the valuation of the closing stock at a market value higher than cost as that will result in the taxation of notional profits the assessee has not realised".
Supreme Court of India Cites 34 - Cited by 276 - Full Document

Commissioner Of Income Tax, Calcutta vs British Paints India Ltd on 13 December, 1990

13. The reliance placed by the learned Departmental Representative on the judgment of the Hon'ble Supreme Court in the case of British Paints India Ltd. (supra) is misplaced, because the ratio laid down by the Hon'ble Supreme Court in that case will not apply to the facts of the present case because in that case the system of accounting adopted was such which excluded, for the valuation of stock-in-trade, all costs other than cost of raw materials for the goods-in-progress and finished products and such system resulted in a distorted picture of the true state of business for the purpose of computing the chargeable income. In the case before us, as stated in the preceding paragraphs, the assessee has been consistently and regularly valuing the bagasse which is a by-product at 'Nil' as per the accepted principles of commercial accounting and as and when bagasse is sold its sale price is duly credited to the P&L a/c. The method of accounting thus adopted by the assessee does not result in a distorted picture of the true state of business for the purpose of computing the chargeable income.
Supreme Court of India Cites 2 - Cited by 516 - T K Thommen - Full Document
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