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1 - 9 of 9 (0.78 seconds)Section 92C in The Income Tax Act, 1961 [Entire Act]
Section 33AC in The Income Tax Act, 1961 [Entire Act]
Section 37 in The Income Tax Act, 1961 [Entire Act]
Sony India Pvt. Ltd., New Delhi vs Natioanal E- Assesment Centre, New ... on 17 October, 2022
1. The Revenue has filed the present appeal under Section 260A of the
Income Tax Act, 1961 (hereafter the Act) impugning an order dated
17.10.2022 passed by the Income Tax Appellate Tribunal (hereafter the
Tribunal) in ITA No.493/Del/2021 captioned M/s Sony India Pvt. Ltd. v.
National E-Assessment Center.
Asstt. Cit vs Woodword Governors India (P) Ltd. on 20 April, 2007
19. The assessee had valued its opening stock and closing stock on the
basis of cost or net realisable value, whichever is low. The AO had faulted the
assessee from valuing the stock at a value lower than the cost. There is no
dispute that the assessee had been consistently valuing its stock - both
opening stock and closing stock - on the basis of cost or realisable value,
whichever is lower. The aforesaid basis is well accepted for valuation of
stock. The said basis was also noted by the Supreme Court in CIT v.
Woodword Governor India (P.) Ltd.: (2009) 312 ITR 254. The learned
counsel for the Revenue also does not dispute that if the aforesaid basis is
followed consistently, the assessee's income for the year would be fully
captured as the element of profit would also not be included in the opening
stock.
Commissioner Of Income Tax vs Vinitec Corporation Pvt. Ltd. on 5 May, 2005
"We have heard learned counsel for the parties and perused the
order under challenge. The issue whether amounts set apart by
the assessee to meet claims arising out of warranties issued by it
to its customers can be taken as a permissible deduction under
section 37 is no longer res integra in the light of a Division
Bench of this Court in Commissioner of Income Tax Vs. Vinitec
Corpn (P.) Ltd, 278 ITR 337.
Section 260A in The Income Tax Act, 1961 [Entire Act]
Bharat Earth Movers vs Commissioner Of Income Tax, Karnataka on 9 August, 2000
This Court has relied upon the
decision of the Supreme Court in Bharat Earth Movers Vs. CIT,
245 ITR 428 and Commissioner of Inland Revenue v.
Mitsubishi Motors New Zealand Ltd., 222 ITR 697 held that the
liability arising out of a warranty is an allowable deduction even
when the amount payable by the assessee is quantified and
discharged in future. The following passage from the above
decision is in this regard apposite:
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