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Dcit 4(2)(2), Mumbai vs M. M. Poonjiaji Spices Ltd., Mumbai on 3 December, 2020 cites

Chainrup Sampatram vs Commissioner Of Income-Tax,West ... on 9 October, 1953

The objection of the revenue that the actual sale, which had resulted in the infliction of such loss took place in the subsequent year, was insignificant in the light of the aforesaid principles enunciated by the Apex Court in the case of Chainrup Sampat Ram (supra). Therefore, once the accounting policy of the assessee which was generally accepted in the commercial world, was not doubted by the revenue, the loss resulting on account of its application could not be disallowed merely on the ipse dixit of the Assessing Officer. The assessee's claim with regard to the provision of loss in respect of obsolete items of stock was accordingly allowed. [Para 15]"
Supreme Court of India Cites 8 - Cited by 357 - M P Sastri - Full Document
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