CIT v. Carborandum Universal Ltd.

Commissioner of Income Tax Delhi IV vs. International Tractors Ltd

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

…_ ITA Nos.1082/2005; 690/2008; ITA 225/2009; 1189/2009 & 251/2010 Page 21 of 45 31. On the question of change in the method of valuation of inventory, reliance was placed on the decision of Madras High Court in CIT v. Carborundum Universal Ltd. (1984) 149 ITR 759 (Mad.) which was upheld by the Supreme Court by the dismissal of the Revenue’s SLP in CIT v. Carborundum Universal Ltd. (2004) 187 ITR 38 (SC). Reliance was also placed on the decision of this Court in CIT v. Indo Rama Synthetics Ltd. (2009) 180 Taxman 35 (Del) and in CIT v. Modi Rubbers Ltd. (No. 2) (1998) 230 ITR 820 (Del). On the issue of…

Commissioner of Income Tax (Ltu) vs. International Tractors Limited

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

…_ ITA Nos.1082/2005; 690/2008; ITA 225/2009; 1189/2009 & 251/2010 Page 21 of 45 31. On the question of change in the method of valuation of inventory, reliance was placed on the decision of Madras High Court in CIT v. Carborundum Universal Ltd. (1984) 149 ITR 759 (Mad.) which was upheld by the Supreme Court by the dismissal of the Revenue’s SLP in CIT v. Carborundum Universal Ltd. (2004) 187 ITR 38 (SC). Reliance was also placed on the decision of this Court in CIT v. Indo Rama Synthetics Ltd. (2009) 180 Taxman 35 (Del) and in CIT v. Modi Rubbers Ltd. (No. 2) (1998) 230 ITR 820 (Del). On the issue of…

M/S Housing & Urban Devlopment Corporation Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

…method of valuation of the opening stock as well as the closing stock. Again, this was not a case concerning a revised return having been filed by the assessee. 13. Insofar as the decision in CIT vs. Carborandum Universal Ltd. (1984) 39 CTR (Mad) 272 : (1984) 149 ITR 759 (Mad) is concerned, that was a case where a revised return was filed, but the Madras High Court does not appear to have considered the effect of s. 139(5) of the Act. 14. Insofar as the present case is concerned, we find that the provision of s. 139(5) of the Act clearly sets out the two conditions under which the revised return can be filed and…

M/S Housing & Urban Devlopment Corporation Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

…method of valuation of the opening stock as well as the closing stock. Again, this was not a case concerning a revised return having been filed by the assessee. 13. Insofar as the decision in CIT vs. Carborandum Universal Ltd. (1984) 39 CTR (Mad) 272 : (1984) 149 ITR 759 (Mad) is concerned, that was a case where a revised return was filed, but the Madras High Court does not appear to have considered the effect of s. 139(5) of the Act. 14. Insofar as the present case is concerned, we find that the provision of s. 139(5) of the Act clearly sets out the two conditions under which the revised return can be filed and…

ACIT, New Delhi vs. M/S. Housing & Urban Development Corp. Ltd. (Hudco), New Delhi

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

…method of valuation of the opening stock as well as the closing stock. Again, this was not a case concerning a revised return having been filed by the assessee. 13. Insofar as the decision in CIT vs. Carborandum Universal Ltd. (1984) 39 CTR (Mad) 272 : (1984) 149 ITR 759 (Mad) is concerned, that was a case where a revised return was filed, but the Madras High Court does not appear to have considered the effect of s. 139(5) of the Act. 14. Insofar as the present case is concerned, we find that the provision of s. 139(5) of the Act clearly sets out the two conditions under which the revised return can be filed and…

ACIT, New Delhi vs. M/S. Housing & Urban Development Corp. Ltd. (Hudco), New Delhi

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

…method of valuation of the opening stock as well as the closing stock. Again, this was not a case concerning a revised return having been filed by the assessee. 13. Insofar as the decision in CIT vs. Carborandum Universal Ltd. (1984) 39 CTR (Mad) 272 : (1984) 149 ITR 759 (Mad) is concerned, that was a case where a revised return was filed, but the Madras High Court does not appear to have considered the effect of s. 139(5) of the Act. 14. Insofar as the present case is concerned, we find that the provision of s. 139(5) of the Act clearly sets out the two conditions under which the revised return can be filed and…

M/S. Housing & Urban Development Corporation Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

…method of valuation of the opening stock as well as the closing stock. Again, this was not a case concerning a revised return having been filed by the assessee. 13. Insofar as the decision in CIT vs. Carborandum Universal Ltd. (1984) 39 CTR (Mad) 272 : (1984) 149 ITR 759 (Mad) is concerned, that was a case where a revised return was filed, but the Madras High Court does not appear to have considered the effect of s. 139(5) of the Act. 14. Insofar as the present case is concerned, we find that the provision of s. 139(5) of the Act clearly sets out the two conditions under which the revised return can be filed and…

M/S. Housing & Urban Development Corporation Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

…method of valuation of the opening stock as well as the closing stock. Again, this was not a case concerning a revised return having been filed by the assessee. 13. Insofar as the decision in CIT vs. Carborandum Universal Ltd. (1984) 39 CTR (Mad) 272 : (1984) 149 ITR 759 (Mad) is concerned, that was a case where a revised return was filed, but the Madras High Court does not appear to have considered the effect of s. 139(5) of the Act. 14. Insofar as the present case is concerned, we find that the provision of s. 139(5) of the Act clearly sets out the two conditions under which the revised return can be filed and…

M/S. Housing & Urban Development Corporation Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

…method of valuation of the opening stock as well as the closing stock. Again, this was not a case concerning a revised return having been filed by the assessee. 13. Insofar as the decision in CIT vs. Carborandum Universal Ltd. (1984) 39 CTR (Mad) 272 : (1984) 149 ITR 759 (Mad) is concerned, that was a case where a revised return was filed, but the Madras High Court does not appear to have considered the effect of s. 139(5) of the Act. 14. Insofar as the present case is concerned, we find that the provision of s. 139(5) of the Act clearly sets out the two conditions under which the revised return can be filed and…

M/S. Housing and Urban Development Corporation Ltd (Hudco), New Delhi vs. DCIT, New Delhi

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

…method of valuation of the opening stock as well as the closing stock. Again, this was not a case concerning a revised return having been filed by the assessee. 13. Insofar as the decision in CIT vs. Carborandum Universal Ltd. (1984) 39 CTR (Mad) 272 : (1984) 149 ITR 759 (Mad) is concerned, that was a case where a revised return was filed, but the Madras High Court does not appear to have considered the effect of s. 139(5) of the Act. 14. Insofar as the present case is concerned, we find that the provision of s. 139(5) of the Act clearly sets out the two conditions under which the revised return can be filed and…

Commissioner of Income Tax Delhi vs. Indo Rama Synthetic (I) Ltd

The appeal is dismissed

…the recommendation of the Institute of Chartered Accountants of India and in consonance with accounting standard-2 (AS-2) on ?Valuation of inventories?. We do not go further than the decision of CIT, Tamil Nadu v. Carborundum Universal Ltd (1984) 149 ITR 759 (Mad) against which a Special Leave Petition was preferred which was dismissed. In the said case of Carborundum Universal Ltd (supra), the Division Bench of Madras High Court observed as follows: ?merely because the new method adopted by the assessee was detrimental to the Revenue, that alone can never be the basis for denying the rig…