Chainup Sampairam v. CIT

24 ITR 48Reported decision#17331 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 348,631 Indian tax judgments — from 2018 to 2024.

Issues it is cited on

section 145aicdssection 44aprofits and gains of business or professionsection 44absection 145section 44income from other sourcesprevious yearprescribedsection 250person

Judgments citing Chainup Sampairam v. CIT

Ponkottaram, Kuthuparamba vs. ITO, Ward-2, Kannur

In the result, the appeal by the assessee is allowed

ITA 121/COCH/2024[2017-2018]Status: DisposedITAT Cochin30 Sept 2024AY 2017-2018

Bench: Shri Waseem Ahmed & Shri Soundararajan K

For Appellant: Sri.Arunraj S, AdvocateFor Respondent: Smt.Girly Albert, Sr.DR
Section 145A

…Assessing Officer by adding Value Added Tax only on closing Stock, makes the closing stock a source of profit, which is totally against the principles laid down in the judgment of Honourable Supreme Court in the case of Chainup Sampairam vs. CIT, reported in 24 ITR 48. 15. We also gave our attention to Notes on Clauses in the Finance (No. 2) Bill, 1998, when section 145A of the Act was being inserted with effect from April 1,1999. It has been stated in the Notes on Clauses as follows (1998) 231 ITR (St.)175, 201): "It is proposed that while computing the value of the inventory as on the first and the last day of…

Pharma Care, Kannur vs. ITO, Kannur

In the result, the appeal by the assessee is allowed

ITA 560/COCH/2023[2017-18]Status: DisposedITAT Cochin30 Sept 2024AY 2017-18

Bench: Shri Waseem Ahmed & Shri Soundararajan K

For Appellant: --- None ---For Respondent: Smt.Girly Albert, Sr.DR
Section 145A

…Assessing Officer by adding Value Added Tax only on closing Stock, makes the closing stock a source of profit, which is totally against the principles laid down in the judgment of Honourable Supreme Court in the case of Chainup Sampairam vs. CIT, reported in 24 ITR 48. 15. We also gave our attention to Notes on Clauses in the Finance (No. 2) Bill, 1998, when section 145A of the Act was being inserted with effect from April 1,1999. It has been stated in the Notes on Clauses as follows (1998) 231 ITR (St.)175, 201): "It is proposed that while computing the value of the inventory as on the first and the last day of…

Marine Business Associates, Kannur vs. ITO, Kannur

In the result, the appeal filed by the assessee is allowed

ITA 558/COCH/2023[2017-18]Status: DisposedITAT Cochin30 Sept 2024AY 2017-18

Bench: Shri Waseem Ahmed & Shri Soundararajan K

For Appellant: --- None ---For Respondent: Smt.Girly Albert, Sr.DR
Section 145A

…Assessing Officer by adding Value Added Tax only on closing Stock, makes the closing stock a source of profit, which is totally against the principles laid down in the judgment of Honourable Supreme Court in the case of Chainup Sampairam vs. CIT, reported in 24 ITR 48. 16. We also gave our attention to Notes on Clauses in the Finance (No. 2) Bill, 1998, when section 145A of the Act was being inserted with effect from April 1,1999. It has been stated in the Notes on Clauses as follows (1998) 231 ITR (St.)175, 201): "It is proposed that while computing the value of the inventory as on the first and the last day of…

Arunkumar Puthige, Kannur vs. The ITO Ward 1 & Tps, Kannur

In the result, the appeal by the assessee is allowed

ITA 189/COCH/2023[2017-18]Status: DisposedITAT Cochin30 Sept 2024AY 2017-18

Bench: Shri Waseem Ahmed & Shri Soundararajan K

For Appellant: Sri.Arunraj S, AdvocateFor Respondent: Smt.Girly Albert, Sr.DR
Section 145A

…Assessing Officer by adding Value Added Tax only on closing Stock, makes the closing stock a source of profit, which is totally against the principles laid down in the judgment of Honourable Supreme Court in the case of Chainup Sampairam vs. CIT, reported in 24 ITR 48. 15. We also gave our attention to Notes on Clauses in the Finance (No. 2) Bill, 1998, when section 145A of the Act was being inserted with effect from April 1,1999. It has been stated in the Notes on Clauses as follows (1998) 231 ITR (St.)175, 201): "It is proposed that while computing the value of the inventory as on the first and the last day of…

Glaxosmithkline Asia (P) Ltd., Gurgaon vs. ACIT, Chandigarh

In the result, appeal of the Assessee is allowed for statistical purposes

ITA 1323/CHANDI/2012[2003-04]Status: DisposedITAT Chandigarh28 Sept 2018AY 2003-04
For Appellant: Sh. Neeraj Jain (C.A), Sh. Abhishek Mukherjee (C.A)For Respondent: Dr. Gulshan Raj
Section 143(3)

…lower. Thus, the value of items, included in closing stock, which had become obsolete or slow moving, was written down by creating a provision and debiting the same to the profit and loss account. The Supreme Court in the case of Chainrup Sampatram vs. CIT: 24 ITR 48, approved the valuation of closing stock lower of cost or market price. The same view has been reiterated by the Supreme Court in the case of CIT v. British Paints India Ltd. : 188 ITR 44 wherein the Court laid down principles for valuation of stock as under: "It is a well recognized principle of commercial accounting to enter in the profit and lo…

Chainup Sampairam v. CIT (24 ITR 48) — Cited in 5 Judgments | BharatTax