British Paints India Ltd. v. CIT

111 ITR 53High Court1978#13290 most cited
7

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2018.

Judgments citing British Paints India Ltd. v. CIT

M/S THE KESHAB JEWELLERS,KOLKATA vs. JCIT, R-50, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

ITA 1225/KOL/2016[2011-2012]Status: DisposedITAT Kolkata01 Aug 2018AY 2011-2012

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1225/Kol/2016 Assessment Year : 2011-12 M/S The Keshab Jewellers -Vs- Jcit, Range-50, Kolkata [Pan: Aabft 5144 R ] (Appellant) (Respondent)

For Appellant: Shri Manoj Kr. Tiwari, FCAFor Respondent: Shri Sallong Yaden, Addl. CIT, Sr. DR
Section 143(3)

…circumstances, it would not be justified in rejecting the closing stock valuation regularly adopted by the assessee. Reliance is also placed on the decision of the Hon'ble Calcutta High Court in the case of British Paints India Ltd. v. CIT reported in (1978) 111 ITR 53 (Cal). We also find that the reliance placed by the Learned AR on the co-ordinate bench decision of Cochin Tribunal in the case of jeweller in ITO v. Sree Padmanabha Jewellery Mart reported in 19 ITD 816 is directly on the point involved in this appeal. In the said case, it was held that :— The manner of valuation of closing stock by the assessee…

ITO, WD-9(3), KOLKATA, KOLKATA vs. M/S ROOPSHREE JEWELLERS PVT. LTD., KOLKATA

In the result, both the appeals of the assessee as well as the revenue are partly allowed for statistical purposes

ITA 828/KOL/2015[2010-2011]Status: DisposedITAT Kolkata17 Apr 2018AY 2010-2011

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 442/Kol/2015 Assessment Year : 2010-11 M/S Roopshree Jewellers (P) Ltd. -Vs- Ito, Ward-9(3), Kolkata [Pan: Aabcr 2241 N] (Appellant) (Respondent) I.T.A No. 828/Kol/2015 Assessment Year : 2010-11 Ito, Ward-9(3), Kolkata -Vs- M/S Roopshree Jewellers (P) Ltd. [Pan: Aabcr 2241 N] (Appellant) (Respondent)

For Appellant: Shri S.M. Surana, AdvocateFor Respondent: Shri P.K. Srihari, CIT
Section 142(1)Section 143(3)Section 145A

…e circumstances, it would not be justified in rejecting the closing stock valuation regularly adopted by the assessee. Reliance is also placed on the decision of the Hon’ble Calcutta High Court in the case of British Paints India Ltd vs CIT reported in (1978) 111 ITR 53 (Cal). We also find that the reliance placed by the Learned AR on the co-ordinate bench decision of Cochin Tribunal in the case of jeweller in ITO vs Sree Padmanabha Jewellery Mart reported in 19 ITD 816 is directly on the point involved in this appeal. In the said case, it was held that :- The manner of valuation of closing stock by the assessee…

M/S ROOPSHREE JEWELLERS (P) LTD.,KOLKATA vs. ITO, WD-9(3), KOLKATA, KOLKATA

In the result, both the appeals of the assessee as well as the revenue are partly allowed for statistical purposes

ITA 442/KOL/2015[2010-2011]Status: DisposedITAT Kolkata17 Apr 2018AY 2010-2011

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 442/Kol/2015 Assessment Year : 2010-11 M/S Roopshree Jewellers (P) Ltd. -Vs- Ito, Ward-9(3), Kolkata [Pan: Aabcr 2241 N] (Appellant) (Respondent) I.T.A No. 828/Kol/2015 Assessment Year : 2010-11 Ito, Ward-9(3), Kolkata -Vs- M/S Roopshree Jewellers (P) Ltd. [Pan: Aabcr 2241 N] (Appellant) (Respondent)

For Appellant: Shri S.M. Surana, AdvocateFor Respondent: Shri P.K. Srihari, CIT
Section 142(1)Section 143(3)Section 145A

…e circumstances, it would not be justified in rejecting the closing stock valuation regularly adopted by the assessee. Reliance is also placed on the decision of the Hon’ble Calcutta High Court in the case of British Paints India Ltd vs CIT reported in (1978) 111 ITR 53 (Cal). We also find that the reliance placed by the Learned AR on the co-ordinate bench decision of Cochin Tribunal in the case of jeweller in ITO vs Sree Padmanabha Jewellery Mart reported in 19 ITD 816 is directly on the point involved in this appeal. In the said case, it was held that :- The manner of valuation of closing stock by the assessee…

ADDL CIT 2(1), MUMBAI vs. GTL LTD, MUMBAI

ITA 5419/MUM/2010[2006-07]Status: DisposedITAT Mumbai31 May 2017AY 2006-07

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwal

Section 10BSection 143(1)

…sing Officer to act in exercise of his statutory power, and reject the accounting system adopted by the assessee, as he has done in the instant case, for determining what, in his opinion, is the correct taxable income.—British Paints India Ltd. vs. CIT (1978) 111 ITR 53 (Cal) : TC2R.122 reversed; B.S.C. Footwear Ltd. vs. Ridgway (Inspector of Taxes) (1971) 2 WLR 1313 (HL) CIT vs. Sarangpur Cotton Manufacturing Co. Ltd. (1938) 6 ITR 36 (PC) : TC1R.109, CIT vs. A. Krishnaswami Mudaliar & Ors. (1964) 53 ITR 122 (SC) : (1964) TAX 18(3) 88 : TC1R.131, S.N. Namasivayam Chettair vs. CIT (1960) 38 ITR 579 (SC) : (1960) T…

M/S D.K.BASAK JEWELLERS PVT. LTD.,KOLKATA vs. DCIT. CIR. 12, KOLKATA

In the result, the appeal of the assessee in ITA No

ITA 51/KOL/2013[2009-10]Status: DisposedITAT Kolkata20 Jul 2016AY 2009-10

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

For Appellant: S/Shri S. L. Kochar & Anil Kochar, AdvocatesFor Respondent: Shri Rajat Kumar Kureel, JCIT, Sr. DR
Section 133ASection 143(3)

…e circumstances, it would not be justified in rejecting the closing stock valuation regularly adopted by the assessee. Reliance is also placed on the decision of the Hon’ble Calcutta High Court in the case of British Paints India Ltd vs CIT reported in (1978) 111 ITR 53 (Cal). The Head notes is reproduced below:- Accounts – valuation of closing stock – closing stock of goods in progress and finished goods valued by assessee at raw material cost – Same formed 84.49% of cost including overhead expenses – Method had been consistently and regularly followed on commercial practice and bona fide having regard to the na…

D.C.I.T CIR - 12,KOLKATA., KOLKATA vs. M/S D.K..BASAK JEWELLERS PVT LTD., KOLKATA

In the result, the appeal of the assessee in ITA No

ITA 379/KOL/2013[2009-10]Status: DisposedITAT Kolkata20 Jul 2016AY 2009-10

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

For Appellant: S/Shri S. L. Kochar & Anil Kochar, AdvocatesFor Respondent: Shri Rajat Kumar Kureel, JCIT, Sr. DR
Section 133ASection 143(3)

…e circumstances, it would not be justified in rejecting the closing stock valuation regularly adopted by the assessee. Reliance is also placed on the decision of the Hon’ble Calcutta High Court in the case of British Paints India Ltd vs CIT reported in (1978) 111 ITR 53 (Cal). The Head notes is reproduced below:- Accounts – valuation of closing stock – closing stock of goods in progress and finished goods valued by assessee at raw material cost – Same formed 84.49% of cost including overhead expenses – Method had been consistently and regularly followed on commercial practice and bona fide having regard to the na…

A.C.I.T CIR - 43,KOLKATA, KOLKATA vs. M/S JEWELL INDIA JEWELLERS, KOLKATA

In the result, the appeal of the revenue is dismissed

ITA 2085/KOL/2013[2009-10]Status: DisposedITAT Kolkata01 Jun 2016AY 2009-10

Bench: Shri N. V. Vasudevan, Jm & Shri M. Balaganesh, Am]

For Appellant: Shri Alok Kr. Nag, JCIT, Sr. DRFor Respondent: Shri S. M. Surana, Advocate &
Section 143(3)

…e circumstances, it would not be justified in rejecting the closing stock valuation regularly adopted by the assessee. Reliance is also placed on the decision of the Hon’ble Calcutta High Court in the case of British Paints India Ltd vs CIT reported in (1978) 111 ITR 53 (Cal). We also find that the reliance placed by the Learned AR on the co-ordinate bench decision of Cochin Tribunal in the case of jeweller in ITO vs Sree Padmanabha Jewellery Mart reported in 19 ITD 816 is directly on the point involved in this appeal. In the said case, it was held that :- The manner of valuation of closing stock by the assessee…

British Paints India Ltd. v. CIT (111 ITR 53) — Cited in 7 Judgments | BharatTax