CIT v. Shakti

244 ITR 246Reported decision2002#23919 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2015 to 2018.

Judgments citing CIT v. Shakti

DCIT, Cir-5, Kolkata vs. M/S Ace Glass Containers Ltd., Kolkata

In the result, the both these appeals of the revenue are dismissed

ITA 1432/KOL/2014[2003-2004]Status: DisposedITAT Kolkata27 Jun 2018AY 2003-2004

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Hon’Ble Shri S.S. Viswanethra Ravi, Jm ] I.T.A Nos. 1431&1432/Kol/2014 Assessment Years : 2001-02 & 2003-04 Acit, Circle-5 (2), Kolkata. -Vs- M/S Hindusthan National Glass & Industries Ltd. (Formerly Known Ace Glass Containers Ltd.) [Pan: Aadca 4384 P] (Appellant) (Respondent)

For Appellant: Shri P.K. Srihari, CITFor Respondent: Shri D.S.Damle, FCA
Section 250

…reduction in relation to different inventory items and justified adoption of such varying rates. After considering the assessee’s submissions, detailed working statements and after applying ratio laid down in the case of Bharat Commerce & Industries Ltd. in (244 ITR 246 Del), the Ld. CIT(A) allowed the claim of the assessee company in assessment year 2000-01. The Ld. CIT(A) held that the appellant made provision for reduction in the value of stock on scientific basis and the valuation of inventory was not made on ad-hoc basis as alleged by the AO. Adjustments were found to be made with reference to specific item…

DCIT, Cir-5, Kolkata vs. M/S Ace Glass Containers Ltd., Kolkata

In the result, the both these appeals of the revenue are dismissed

ITA 1431/KOL/2014[2001-02]Status: DisposedITAT Kolkata27 Jun 2018AY 2001-02

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Hon’Ble Shri S.S. Viswanethra Ravi, Jm ] I.T.A Nos. 1431&1432/Kol/2014 Assessment Years : 2001-02 & 2003-04 Acit, Circle-5 (2), Kolkata. -Vs- M/S Hindusthan National Glass & Industries Ltd. (Formerly Known Ace Glass Containers Ltd.) [Pan: Aadca 4384 P] (Appellant) (Respondent)

For Appellant: Shri P.K. Srihari, CITFor Respondent: Shri D.S.Damle, FCA
Section 250

…reduction in relation to different inventory items and justified adoption of such varying rates. After considering the assessee’s submissions, detailed working statements and after applying ratio laid down in the case of Bharat Commerce & Industries Ltd. in (244 ITR 246 Del), the Ld. CIT(A) allowed the claim of the assessee company in assessment year 2000-01. The Ld. CIT(A) held that the appellant made provision for reduction in the value of stock on scientific basis and the valuation of inventory was not made on ad-hoc basis as alleged by the AO. Adjustments were found to be made with reference to specific item…

Slum Rehabilitation Authority, Mumbai vs. DIT (E), Mumbai

In the result, appeal of the assessee is allowed

ITA 2435/MUM/2014[2009-10]Status: DisposedITAT Mumbai30 Oct 2015AY 2009-10

Bench: Shri D. Karunakara Rao & Shri Amit Shukla

For Appellant: Shri S E Dastur &For Respondent: Shri Deepkant Prasad
Section 10(20)Section 11Section 12ASection 13Section 143(3)Section 2(15)Section 263

…ould be negative, because in both the assessments the tax on the assessed income would be the same. Hence, no prejudice is caused to the revenue. In support of this contention, he relied upon a decision of Madras High Court in the case of CIT vs Shakti [2002] 244 ITR 246. 8. Mr. Dastur’s third limb of argument was that, during the course of the original assessment proceedings, the assessee had submitted a detailed reply before the AO with regard to the amended section 2(15), that is, with reference to the proviso itself. This fact he pointed out is evident from the letter submitted before the AO on 30th November,…

CIT v. Shakti (244 ITR 246) — Cited in 3 Judgments | BharatTax