CIT v. Hindustan Zinc Ltd.

291 ITR 391Supreme Court of India2007#4490 most cited

What is CIT v. Hindustan Zinc Ltd. authority for?

Valuation of closing stock for the purpose of determining business income is to be in accordance with Section 145A of the Income Tax Act, 1961. Where the assessee consistently valued closing stock on an actual cost basis, this method is to be continued unless a change is mandated.

26

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2008 to 2025.

Also referred to as

CIT v. Hindustan Zinc Ltd. · Section 145A · valuation of closing stock · method of accounting · actual cost basis · business income · inventory valuation

Sections most often in play

Section 145ASection 250
Read the full judgment

Issues it is cited on

section 23aretention moneysection 145(1)section 211section 115baasection 28(iv)section 145(2)project completion methodpptsection 43csection 35dpercentage completion method

Judgments citing CIT v. Hindustan Zinc Ltd.

CIT vs. Becton Dickinson India Pvt Ltd

ITA - 43 / 2012HC Delhi19 Nov 2012

Bench: This Court I.E. Whether The Tribunal Fell Into Error In Treating The Provision For Waruanty As

Section 115J

…ail. 10. The view of the Tribunal also finds support in a judgrnent of this Court reported as CIT vs. Hcttline Teletube & Components Ltd. (2008) 12 DTR 311 where the Court had relied upon the judgment of the Supreme Court in CIT Vs. Hindustan Zinc Ltd. (2007) 291 ITR 391. 1 1. For the above reasons all questions of law sought to be urged are ansrvered against the revenue and in favour of the assessee. The appeals are therefore dismissed. S. RAVINDRA BHAT. J 1,il.",-1 , R.V.EASWAR, J NOVEMBER 19, 2OI2 vld ITA39/2012 & conn. Page 8 of8 2012:DHC:8000-DB…

CIT vs. Becton Dickinson India Pvt Ltd

ITA - 41 / 2012HC Delhi19 Nov 2012

Bench: This Court I.E. Whether The Tribunal Fell Into Error In Treating The Provision For Waruanty As

Section 115J

…ail. 10. The view of the Tribunal also finds support in a judgrnent of this Court reported as CIT vs. Hcttline Teletube & Components Ltd. (2008) 12 DTR 311 where the Court had relied upon the judgment of the Supreme Court in CIT Vs. Hindustan Zinc Ltd. (2007) 291 ITR 391. 1 1. For the above reasons all questions of law sought to be urged are ansrvered against the revenue and in favour of the assessee. The appeals are therefore dismissed. S. RAVINDRA BHAT. J 1,il.",-1 , R.V.EASWAR, J NOVEMBER 19, 2OI2 vld ITA39/2012 & conn. Page 8 of8 2012:DHC:8000-DB…

CIT vs. Becton Dickinson India Pvt Ltd

ITA - 40 / 2012HC Delhi19 Nov 2012

Bench: This Court I.E. Whether The Tribunal Fell Into Error In Treating The Provision For Waruanty As

Section 115J

…ail. 10. The view of the Tribunal also finds support in a judgrnent of this Court reported as CIT vs. Hcttline Teletube & Components Ltd. (2008) 12 DTR 311 where the Court had relied upon the judgment of the Supreme Court in CIT Vs. Hindustan Zinc Ltd. (2007) 291 ITR 391. 1 1. For the above reasons all questions of law sought to be urged are ansrvered against the revenue and in favour of the assessee. The appeals are therefore dismissed. S. RAVINDRA BHAT. J 1,il.",-1 , R.V.EASWAR, J NOVEMBER 19, 2OI2 vld ITA39/2012 & conn. Page 8 of8 2012:DHC:8000-DB…

CIT vs. Becton Dickinson India Pvt Ltd

ITA - 42 / 2012HC Delhi19 Nov 2012

Bench: This Court I.E. Whether The Tribunal Fell Into Error In Treating The Provision For Waruanty As

Section 115J

…ail. 10. The view of the Tribunal also finds support in a judgrnent of this Court reported as CIT vs. Hcttline Teletube & Components Ltd. (2008) 12 DTR 311 where the Court had relied upon the judgment of the Supreme Court in CIT Vs. Hindustan Zinc Ltd. (2007) 291 ITR 391. 1 1. For the above reasons all questions of law sought to be urged are ansrvered against the revenue and in favour of the assessee. The appeals are therefore dismissed. S. RAVINDRA BHAT. J 1,il.",-1 , R.V.EASWAR, J NOVEMBER 19, 2OI2 vld ITA39/2012 & conn. Page 8 of8 2012:DHC:8000-DB…

CIT vs. Becton Dickinson India Pvt Ltd

ITA - 39 / 2012HC Delhi19 Nov 2012

Bench: This Court I.E. Whether The Tribunal Fell Into Error In Treating The Provision For Warranty As 2012:Dhc:6863-Db

Section 115J

…10. The view of the Tribunal also finds support in a judgment of this Court reported as CIT vs. Hotline Teletube & Components Ltd. (2008) 12 DTR 311 where the Court had relied upon the judgment of the Supreme Court in CIT Vs. Hindustan Zinc Ltd. (2007) 291 ITR 391. 11. For the above reasons all questions of law sought to be urged are answered against the revenue and in favour of the assessee. The appeals are therefore dismissed. S. RAVINDRA BHAT, J R.V.EASWAR, J NOVEMBER 19, 2012 vld 2012:DHC:6863-DB…

Commissioner of Income Tax Delhi IV vs. Hotline Teletube & Componenets Ltd

The appeal is dismissed

ITA/694/2008HC Delhi11 Aug 2008

Bench: HON'BLE MR. JUSTICE BADAR DURREZ AHMED,HON'BLE MR. JUSTICE RAJIV SHAKDHER

For Appellant: Ms.Prem Lata BansalFor Respondent: None
Section 115JSection 143(2)Section 260A

…n in the value of obsolete stock. 4. It is well settled that closing stock is valued at cost or market price, whichever is lower. This principle is noticed by the Supreme Court in its judgment in the case of CIT v. Hindustan Zinc Ltd. reported in (2007) 291 ITR 391. In the said decision, the Supreme Court observed as follows:- “…….The entry for stock which appears in a trading account is merely intended to cancel the charge for the goods purchased which have not been sold which should necessarily represent the cost of the goods. It is more or less than the cost, then the effect is to state the profit…