CIT v. Dewan Steels Ltd.

311 ITR 161High Court2009#6986 most cited
16

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

Judgments citing CIT v. Dewan Steels Ltd.

DCIT CIRCLE 1 , TIRUNELVELI vs. RM KV FASHION GARMENTS PVT LTD, TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 761/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…lowing the principle of consistency the methodology of valuation should be accepted in the current assessment year also. In this connection, he placed reliance on the decision of Hon’ble High Court of Delhi Court in the case of CIT v. Dewan Steels Ltd. [2009] 311 ITR 161 (Del.). The another limb of this argument is that it is always prudent to provide for the estimated losses and the valuation of obsolete stock at net realizable price should be accepted by placing reliance on the decision of Hon’ble High Court of Rajasthan High Court in the case of CIT v. Wolkem India Ltd. [2009] 315 ITR 211 (Raj.). Finally, it…

ACIT CIRCLE 1, TIRUNELVELI vs. M/S RM KV FBRICS PRIVATE LIMITED, TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 760/CHNY/2018[2014--15]Status: DisposedITAT Chennai30 Apr 2018

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…lowing the principle of consistency the methodology of valuation should be accepted in the current assessment year also. In this connection, he placed reliance on the decision of Hon’ble High Court of Delhi Court in the case of CIT v. Dewan Steels Ltd. [2009] 311 ITR 161 (Del.). The another limb of this argument is that it is always prudent to provide for the estimated losses and the valuation of obsolete stock at net realizable price should be accepted by placing reliance on the decision of Hon’ble High Court of Rajasthan High Court in the case of CIT v. Wolkem India Ltd. [2009] 315 ITR 211 (Raj.). Finally, it…

ACIT CIRCLE 1, TIRUNELVELI vs. M/S RM K V SILKS PRIVATE LIMITED, TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 759/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…lowing the principle of consistency the methodology of valuation should be accepted in the current assessment year also. In this connection, he placed reliance on the decision of Hon’ble High Court of Delhi Court in the case of CIT v. Dewan Steels Ltd. [2009] 311 ITR 161 (Del.). The another limb of this argument is that it is always prudent to provide for the estimated losses and the valuation of obsolete stock at net realizable price should be accepted by placing reliance on the decision of Hon’ble High Court of Rajasthan High Court in the case of CIT v. Wolkem India Ltd. [2009] 315 ITR 211 (Raj.). Finally, it…

M/S RM KV FBRICS PRIVATE LIMITED,TIRUNELVELI vs. ACIT CIRCLE 1, TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 614/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…lowing the principle of consistency the methodology of valuation should be accepted in the current assessment year also. In this connection, he placed reliance on the decision of Hon’ble High Court of Delhi Court in the case of CIT v. Dewan Steels Ltd. [2009] 311 ITR 161 (Del.). The another limb of this argument is that it is always prudent to provide for the estimated losses and the valuation of obsolete stock at net realizable price should be accepted by placing reliance on the decision of Hon’ble High Court of Rajasthan High Court in the case of CIT v. Wolkem India Ltd. [2009] 315 ITR 211 (Raj.). Finally, it…

M/S RM K V SILKS PRIVATE LIMITED,TIRUNELVELI vs. ACIT CIRCLE 1, TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 613/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…lowing the principle of consistency the methodology of valuation should be accepted in the current assessment year also. In this connection, he placed reliance on the decision of Hon’ble High Court of Delhi Court in the case of CIT v. Dewan Steels Ltd. [2009] 311 ITR 161 (Del.). The another limb of this argument is that it is always prudent to provide for the estimated losses and the valuation of obsolete stock at net realizable price should be accepted by placing reliance on the decision of Hon’ble High Court of Rajasthan High Court in the case of CIT v. Wolkem India Ltd. [2009] 315 ITR 211 (Raj.). Finally, it…

DCIT CIRCLE 1 , TIRUNELVELI vs. RMKV FASHION GARMENTS PVT. LTD. , TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 1626/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…lowing the principle of consistency the methodology of valuation should be accepted in the current assessment year also. In this connection, he placed reliance on the decision of Hon’ble High Court of Delhi Court in the case of CIT v. Dewan Steels Ltd. [2009] 311 ITR 161 (Del.). The another limb of this argument is that it is always prudent to provide for the estimated losses and the valuation of obsolete stock at net realizable price should be accepted by placing reliance on the decision of Hon’ble High Court of Rajasthan High Court in the case of CIT v. Wolkem India Ltd. [2009] 315 ITR 211 (Raj.). Finally, it…

DCIT CIRCLE 1 , TIRUNELVELI vs. RMKV FASHION GARMENTS PVT. LTD. , TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 1625/CHNY/2017[2012-13]Status: DisposedITAT Chennai30 Apr 2018AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…lowing the principle of consistency the methodology of valuation should be accepted in the current assessment year also. In this connection, he placed reliance on the decision of Hon’ble High Court of Delhi Court in the case of CIT v. Dewan Steels Ltd. [2009] 311 ITR 161 (Del.). The another limb of this argument is that it is always prudent to provide for the estimated losses and the valuation of obsolete stock at net realizable price should be accepted by placing reliance on the decision of Hon’ble High Court of Rajasthan High Court in the case of CIT v. Wolkem India Ltd. [2009] 315 ITR 211 (Raj.). Finally, it…

DCIT CIRCLE 1 , TIRUNELVELI vs. RMKV FABRICS PVT. LTD. , TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 1624/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…lowing the principle of consistency the methodology of valuation should be accepted in the current assessment year also. In this connection, he placed reliance on the decision of Hon’ble High Court of Delhi Court in the case of CIT v. Dewan Steels Ltd. [2009] 311 ITR 161 (Del.). The another limb of this argument is that it is always prudent to provide for the estimated losses and the valuation of obsolete stock at net realizable price should be accepted by placing reliance on the decision of Hon’ble High Court of Rajasthan High Court in the case of CIT v. Wolkem India Ltd. [2009] 315 ITR 211 (Raj.). Finally, it…

DCIT CIRCLE 1 , TIRUNELVELI vs. RMKV FABRICS PVT. LTD. , TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 1623/CHNY/2017[2012-13]Status: DisposedITAT Chennai30 Apr 2018AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…lowing the principle of consistency the methodology of valuation should be accepted in the current assessment year also. In this connection, he placed reliance on the decision of Hon’ble High Court of Delhi Court in the case of CIT v. Dewan Steels Ltd. [2009] 311 ITR 161 (Del.). The another limb of this argument is that it is always prudent to provide for the estimated losses and the valuation of obsolete stock at net realizable price should be accepted by placing reliance on the decision of Hon’ble High Court of Rajasthan High Court in the case of CIT v. Wolkem India Ltd. [2009] 315 ITR 211 (Raj.). Finally, it…

DCIT CIRCLE 1 , TIRUNELVELI vs. RMKV SILKS PVT. LTD. , TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 1622/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…lowing the principle of consistency the methodology of valuation should be accepted in the current assessment year also. In this connection, he placed reliance on the decision of Hon’ble High Court of Delhi Court in the case of CIT v. Dewan Steels Ltd. [2009] 311 ITR 161 (Del.). The another limb of this argument is that it is always prudent to provide for the estimated losses and the valuation of obsolete stock at net realizable price should be accepted by placing reliance on the decision of Hon’ble High Court of Rajasthan High Court in the case of CIT v. Wolkem India Ltd. [2009] 315 ITR 211 (Raj.). Finally, it…

DCIT CIRCLE 1 , TIRUNELVELI vs. RMKV SILKS PVT. LTD. , TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 1621/CHNY/2017[2012-13]Status: DisposedITAT Chennai30 Apr 2018AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…lowing the principle of consistency the methodology of valuation should be accepted in the current assessment year also. In this connection, he placed reliance on the decision of Hon’ble High Court of Delhi Court in the case of CIT v. Dewan Steels Ltd. [2009] 311 ITR 161 (Del.). The another limb of this argument is that it is always prudent to provide for the estimated losses and the valuation of obsolete stock at net realizable price should be accepted by placing reliance on the decision of Hon’ble High Court of Rajasthan High Court in the case of CIT v. Wolkem India Ltd. [2009] 315 ITR 211 (Raj.). Finally, it…

RM.K.V.FABRICS PRIVATE LIMITED ,TIRUNELVELI vs. DCIT CIRCLE 1(1), TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 1594/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…lowing the principle of consistency the methodology of valuation should be accepted in the current assessment year also. In this connection, he placed reliance on the decision of Hon’ble High Court of Delhi Court in the case of CIT v. Dewan Steels Ltd. [2009] 311 ITR 161 (Del.). The another limb of this argument is that it is always prudent to provide for the estimated losses and the valuation of obsolete stock at net realizable price should be accepted by placing reliance on the decision of Hon’ble High Court of Rajasthan High Court in the case of CIT v. Wolkem India Ltd. [2009] 315 ITR 211 (Raj.). Finally, it…

RM.K.V.SILKS PRIVATE LIMITED ,TIRUNELVELI vs. DCIT CIRCLE 1, TIRUNELVELI

In the result, appeal filed by the Revenue in ITA No

ITA 1593/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…lowing the principle of consistency the methodology of valuation should be accepted in the current assessment year also. In this connection, he placed reliance on the decision of Hon’ble High Court of Delhi Court in the case of CIT v. Dewan Steels Ltd. [2009] 311 ITR 161 (Del.). The another limb of this argument is that it is always prudent to provide for the estimated losses and the valuation of obsolete stock at net realizable price should be accepted by placing reliance on the decision of Hon’ble High Court of Rajasthan High Court in the case of CIT v. Wolkem India Ltd. [2009] 315 ITR 211 (Raj.). Finally, it…

DCIT 17(1), MUMBAI vs. M/S S.M. STEEL, MUMBAI

In the result appeal of the Revenue is dismissed

ITA 2539/MUM/2013[2009-10]Status: DisposedITAT Mumbai19 Oct 2016AY 2009-10

Bench: Shri R.C. Sharma() & Shri Amarjeet Singh ()

For Appellant: Shri. I.P. RathiFor Respondent: Shri. Pradeep Arya
Section 143(3)

…ion of inventory as per average cost method has also been approved by the Himachal Pradesh High Court in the case of CIT vs. H.P. State Civil Supplies Corporation Ltd reported in 309 ITR 102 (HP) It was held in the case of CIT vs. Dewan Steel Ltd. reported in 311 ITR 161 that average cost method of valuation of closing stock consistently followed by the aooellant and accepted by the revenue in the earlier years cannot be rejected and the average cost method was in accordance with the well accepted accounting principles. 15. All the above decisions indicates that weighted average method of cost of valuation of in…

JCIT 17(1), MUMBAI vs. S.M. STEELS, MUMBAI

In the result appeal of the Revenue is dismissed

ITA 6579/MUM/2012[2008-09]Status: DisposedITAT Mumbai19 Oct 2016AY 2008-09

Bench: Shri R.C. Sharma() & Shri Amarjeet Singh ()

For Appellant: Shri. I.P. RathiFor Respondent: Shri. Pradeep Arya
Section 143(3)

…ion of inventory as per average cost method has also been approved by the Himachal Pradesh High Court in the case of CIT vs. H.P. State Civil Supplies Corporation Ltd reported in 309 ITR 102 (HP) It was held in the case of CIT vs. Dewan Steel Ltd. reported in 311 ITR 161 that average cost method of valuation of closing stock consistently followed by the aooellant and accepted by the revenue in the earlier years cannot be rejected and the average cost method was in accordance with the well accepted accounting principles. 15. All the above decisions indicates that weighted average method of cost of valuation of in…

M/S. SHANTI SARUP & SONS PVT. LTD.,MEERUT vs. CIT, MEERUT

ITA 2374/DEL/2013[2008-09]Status: DisposedITAT Delhi07 Apr 2016AY 2008-09

Bench: Shri G.D. Agrawal & Shri Kuldip Singh

For Appellant: NoneFor Respondent: Shri Munish Kumar, CIT DR
Section 143(2)Section 143(3)Section 263Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘G’ : NEW DELHI) BEFORE SHRI G.D. AGRAWAL, VICE PRESIDENT and SHRI KULDIP SINGH, JUDICIAL MEMBER ITA No.2374/Del./2013 (ASSESSMENT YEAR : 2008-09) Commissioner of Income-tax, M/s. Shanti Sarup & Sons Pvt.Ltd., vs. 144, Delhi Road, Meerut. Meerut. (PAN : AADCS2566B) (APPELLANT) (RESPONDENT) ASSESSEE BY : None REVENUE BY : Shri Munish Kumar, CIT DR Date of Hearing : 12.02.2016 Date of Order : 07.04.2016 O R D E R PER KULDIP SINGH, JUDICIAL MEMBER : Appellant, M/s. Shanti Sarup & Sons Pvt. Ltd. (hereinafter referred to as ‘the assessee’), by filing the prese…

CIT v. Dewan Steels Ltd. (311 ITR 161) — Cited in 16 Judgments | BharatTax