CIT v. J.P.Patel (263 ITR 421)

Sree Alankar, Ganjam vs. Principal CIT-1, Bhubaneswar

In the result, appeal of the assessee is allowed

ITA 108/CTK/2018[2012-13]Status: DisposedITAT Cuttack11 Sept 2018AY 2012-13

Bench: S/Shri N.S Saini & Pavan Kumar Gadaleassessment Year : 2012-2013

For Appellant: Sri S.K.Tulsiyan, ARFor Respondent: Shri Saad Kidwai, CIT DR

…ould not have been formulated.” 14. Further, we find the Kolkata Bench of the Tribunal in the case of Rupam Jewellers vs ACIT in ITA No.267/Kol/2017 for the assessment year 2013-14 order dated 16.3.2016 has held as under: “c) in the case of CIT vs. J.P.Patel 263 ITR 421 (MP) it is held as follows. "that it had not been disputed that in valuing stock the assessee had adopted the last in first out method which is a recognised method. Once a recognised method has been taken recourse to and the value of closing stock had been computed on the basis of average, no question of law would arise from its order." 8.5. Appl…

DCIT, Circle-12(1), Kolkata vs. M/S D.K. Basak Jewellers Pvt. Ltd., Kolkata

In the result, the appeal filed by the Revenue is dismissed

ITA 2127/KOL/2016[2011-12]Status: DisposedITAT Kolkata27 Jul 2018AY 2011-12

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.2127/Kol/2016 ("नधा"रणवष" / Assessment Year: 2011-12) Dcit, Circle-12(1), Kolkata Vs. M/S. D. K. Basakjewellers Pvt. Ltd. P-7, Chowringhee Square,Aayakar 220B, Rashbehari Avenue, Kolkata – Bhavan, 8Th Floor, Kolkata – 700 700 019. 069. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcd 6781 F (Appellant) .. (Respondent)

For Appellant: Md. Usman, CIT(DR)For Respondent: Shri Anil Kochar, Advocate

Section 133ASection 13lSection 143(1)Section 143(2)Section 143(3)

…s a recognized method for the purpose of valuation of M/s. D. K. BasakJewellers Pvt. Ltd. Assessment Year: 2011-12 the closing stock. The assessee placed reliance on the decision of Hon'ble Madhya Pradesh High Court in the case of CIT vs J.P.Patel reported in 263 ITR 421 (MP) wherein it was held that LIFO method is well recognized method and once a recognized method has been taken recourse to and the same has been adopted , there is no reason to discard the same.” As the issue is squarely covered in favour of the assessee by the decision of the Coordinate Bench in the case of M/s Roopshree Jewellers (P) Ltd, cit…

ITO, WD-9(3), 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

…of closing stock. It was further submitted that LIFO method is a recognized method for the purpose of valuation of the closing stock. The assessee placed reliance on the decision of Hon’ble Madhya Pradesh High Court in the case of CIT vs J.P.Patel reported in 263 ITR 421 (MP) wherein it was held that LIFO method is well recognized method and once a recognized method has been taken recourse to and the same has been adopted , there is no reason to discard the 7 M/s Roopshree Jewellers (P) Ltd. A.Yr.2010-11 same. The assessee also placed reliance on the following decisions for the consistent method followed by an as…

M/S Roopshree Jewellers (P) Ltd., Kolkata vs. ITO, WD-9(3), 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

…of closing stock. It was further submitted that LIFO method is a recognized method for the purpose of valuation of the closing stock. The assessee placed reliance on the decision of Hon’ble Madhya Pradesh High Court in the case of CIT vs J.P.Patel reported in 263 ITR 421 (MP) wherein it was held that LIFO method is well recognized method and once a recognized method has been taken recourse to and the same has been adopted , there is no reason to discard the 7 M/s Roopshree Jewellers (P) Ltd. A.Yr.2010-11 same. The assessee also placed reliance on the following decisions for the consistent method followed by an as…

Rupam Jewellers, Purba Medinipur vs. ACIT, Circle, -27(1) Haldia, Haldia

In the result this ground of appeal is allowed

ITA 267/KOL/2017[2013-14]Status: DisposedITAT Kolkata16 Mar 2018AY 2013-14

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Shri S.S.Viswanethra Ravi, Jm ]

For Appellant: Shri S..K.Tulsiyan, AdvocateFor Respondent: Shri S.Dasgupta, Addl. CIT(DR)

Section 143(3)Section 145Section 145ASection 194CSection 40

…see and that this section over rides Sec.145 of the Act. (e) for the proposition argued above reliance is placed on the following case laws :- i)United Commercial Bank vs CIT 240 ITR 355 (SC) (ii)CIT vs British Paints 188 ITR 44 (SC) (iii)CIT vs J.P.Patel 263 ITR 421 (MP) (f) the findings of the AO that LIFO method of valuation of inventory is not prescribed in AS-2, is factually and legally incorrect, as AS-2 gives liberty to the assessee to follow a valid stock formula that may be applied. (g) the calculation made by the AO, that the assessee has valued its closing stock at Rs.1294.69 per gram is factuall…

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)

…of accounting and when no defect was pointed out by the department in the books of accounts, the LIFO system should have been accepted. We also place reliance on the decision of the Hon’ble Madhyapradesh High Court in the case of CIT vs J.P.Patel reported in 263 ITR 421 (MP), wherein it was held that LIFO method is well recognized method and once a recognized method has been taken recourse to and method has been adopted, there is no reason to discard the same. D.K.Basak Jewellers Pvt. Ltd. AY 2009-10 3.9.3. We find that the Learned AO had not recorded any clear finding in his order that the LIFO method of acco…

D.C.I.T Cir - 12, 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)

…of accounting and when no defect was pointed out by the department in the books of accounts, the LIFO system should have been accepted. We also place reliance on the decision of the Hon’ble Madhyapradesh High Court in the case of CIT vs J.P.Patel reported in 263 ITR 421 (MP), wherein it was held that LIFO method is well recognized method and once a recognized method has been taken recourse to and method has been adopted, there is no reason to discard the same. D.K.Basak Jewellers Pvt. Ltd. AY 2009-10 3.9.3. We find that the Learned AO had not recorded any clear finding in his order that the LIFO method of acco…

A.C.I.T Cir - 43, 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)

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH: KOLKATA [Before Shri N. V. Vasudevan, JM & Shri M. Balaganesh, AM] I.T.A No.2085/Kol/2013 Assessment Year: 2009-10 Assistant Commissioner of Income-tax, Vs. M/s. Jewell India Jewellers Circle-43, Kolkata. (PAN:AACFJ4832H) (Appellant) (Respondent) Date of hearing: 17.05.2016 Date of pronouncement: 01.06.2016 For the Appellant: Shri Alok Kr. Nag, JCIT, Sr. DR For the Respondent: Shri S. M. Surana, Advocate & Shri sunil Surana, FCA ORDER Per Shri Balaganesh, AM: This appeal by revenue is arising out of order of CIT(A)-XXX, Kolkata vide Appeal No. 252/CIT(A)-XX…

CIT v. J.P.Patel

Judgments citing CIT v. J.P.Patel