Commissioner Of Income-Tax, Delhi And ... vs The Mewar Textile Mills Ltd on 10 December, 1965
In the case of CIT vs. Tanjavore Textile Mills 253 ITR
138 (Mad.) it has been held as under:-
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1 - 10 of 11 (0.22 seconds)South Eastern Coalfields Ltd. vs Jt. Cit on 28 February, 2002
A.Yr.. 2004-05 & 2005-06
losses cannot be doubted. He further relied on the decision in the case of
Alfa Laval India Ltd. v/s. DCIT Bombay High Court (2004) 266 ITR 418
which was confirmed by Hon'ble Apex Court and reported at 294 ITR 451
He also passed order relying on the decision in the case of CIT VS. Bharat
Commerce & Industries 240 ITR 256 (Del), South Eastern Coalfields Ltd.
vs. CIT 260 ITR (IT) (Nag.
Commissioner Of Income Tax vs Bharat Commerce & Industries Ltd. on 30 August, 1999
A.Yr.. 2004-05 & 2005-06
losses cannot be doubted. He further relied on the decision in the case of
Alfa Laval India Ltd. v/s. DCIT Bombay High Court (2004) 266 ITR 418
which was confirmed by Hon'ble Apex Court and reported at 294 ITR 451
He also passed order relying on the decision in the case of CIT VS. Bharat
Commerce & Industries 240 ITR 256 (Del), South Eastern Coalfields Ltd.
vs. CIT 260 ITR (IT) (Nag.
Continental Construction Ltd vs Commissioner Of Income-Tax, Central-1 on 15 January, 1992
Ltd. vs. CIT 295 ITR 481 (Guj.)."
Trf Ltd vs Commnr. Of Income Tax on 9 February, 2010
26. On the other hand, the Ld. A.R. submitted that the assessee had
supplied the materials to its customers and the same was rejected by the
customers. The cost of transportation of goods from the customers place
would have been much more and therefore the assessee took the decision
in bringing the material back but in turn gave credit of the material to the
customers. He further submitted that since the assessee has written off the
amount it was covered by the decision of Hon'ble Supreme Court in the case
of TRF Ltd., vs. CIT (2010) [323 ITR 397]. He thus supported the order of
CIT (A).
Section 31 in The Companies Act, 1956 [Entire Act]
Section 209 in The Companies Act, 1956 [Entire Act]
Section 211 in The Companies Act, 1956 [Entire Act]
The Companies Act, 1956
India Motor Parts And Accessories Ltd. ... vs The Commissioner Of Income-Tax, Madras on 12 February, 1965
In another case the Madras High Court
observed, while permitting a lower valuation of goods, that the object
is not to load the stock with a value which is higher than what is
realizable (India Motor Parts & Accessories Ltd. vs. CIT 60ITR 531).
Section 145A of the Act deals with the valuation of inventory for the
purposes of determining the income chargeable under the head
"profits and gains of business or profession". It has been prescribed
that such valuation shall be in accordance with the method of
accounting regularly employed by the assessee. The appellant has
been following the mercantile system of accounting and valuation of
stocks of raw material has been done at cost. The fact that this
method has been regularly followed is not in dispute. The appellant
is a company within the meaning of the Companies Act, 1956. Its
books are to be maintained and accounts are to be prepared in
accordance with section 209 to 211 of that Act. As per section 211
(3C), the accounting standards prescribed by the Institute of
Chartered Accountants of India shall be mandatorily followed by
companies till alternate standards are prescribed by the Central
Government. The ICAI has, interalia, prescribed Accounting
Standard-2 dealing with valuation of inventories. At paragraph 5,