CIT v. Veerdip Rollers (P.) Ltd.

323 ITR 341High Court2010#1796 most cited

What is CIT v. Veerdip Rollers (P.) Ltd. authority for?

If the revenue does not dispute the quantitative details of stock and fails to inquire into the assessee's explanation regarding a difference in the value of closing stock, a mere difference in valuation may not warrant an adjustment. The burden is on the revenue to investigate the assessee's explanation concerning stock inclusion.

63

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2024.

Also referred to as

CIT v. Veerdip Rollers (P.) Ltd. · 323 ITR 341 · Gujarat High Court · closing stock valuation · quantitative discrepancy · Assessing Officer inquiry · assessee explanation · stock statement · revenue burden of proof · section 145A

Issues it is cited on

section 153b(i)(a)section 132(8)section 132(9a)section 153(1)(a)section 145a valuation of shares section 65b section 65 section 153(1)icds dumb documents section 153b

Judgments citing CIT v. Veerdip Rollers (P.) Ltd.

KODIYIL MUHAMMED MADANI PARTNER, ABC SALES CORPORATION,TALIPARAMBA vs. ACIT, CENTRAL CIRCLE-1, KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

ITA 837/COCH/2024[2020-21]Status: DisposedITAT Cochin20 Dec 2024AY 2020-21

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

KODIYIL MUHAMMED MADANI PARTNER, ABC SALES CORPORATION,TALIPARAMBA vs. ACIT, CENTRAL CIRCLE-1, KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

ITA 836/COCH/2024[2019-20]Status: DisposedITAT Cochin20 Dec 2024AY 2019-20

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

KODIYIL MUHAMMED MADANI PARTNER, ABC SALES CORPORATION,TALIPARAMBA vs. ACIT, CENTRAL CIRCLE-1, KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

ITA 835/COCH/2024[2018-19]Status: DisposedITAT Cochin20 Dec 2024AY 2018-19

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

ABC IMPORTS AND EXPORTS INDIA (P) LTD,ERNAKULAM vs. ACIT CENTRAL CIRCLE, KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

ITA 743/COCH/2024[2019-20]Status: DisposedITAT Cochin20 Dec 2024AY 2019-20

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

ABC SALES CORPORATION,KASARGOD vs. ACIT CENTRAL CIRCLE-1, CALICUT

In the result, appeal of the assessee is hereby dismissed

ITA 536/COCH/2024[2020-21]Status: DisposedITAT Cochin20 Dec 2024AY 2020-21

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

ABC SALES CORPORATION,TALIPARAMBA vs. ACIT CENTRAL CIRCLE-1, CALICUT

In the result, appeal of the assessee is hereby dismissed

ITA 535/COCH/2024[2020-21]Status: DisposedITAT Cochin20 Dec 2024AY 2020-21

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

ABC SALES CORPOATION,PAYYANNUR vs. ACIT CENTRAL CIRCLE-1, , CALICUT

In the result, appeal of the assessee is hereby dismissed

ITA 534/COCH/2024[2020-21]Status: DisposedITAT Cochin20 Dec 2024AY 2020-21

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

ABC BUILDWARES INDIA (P) LIMITED,PARIYARAM vs. ACIT CENTRAL CIRCLE-1, CALICUT

In the result, appeal of the assessee is hereby dismissed

ITA 533/COCH/2024[2020-21]Status: DisposedITAT Cochin20 Dec 2024AY 2020-21

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

ABC BUILDWARE INDIA (P) LIMITED,PARIYARAM vs. ACIT, CENTRAL CIRCLE-1, KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

ITA 532/COCH/2024[2016-17]Status: DisposedITAT Cochin20 Dec 2024AY 2016-17

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

ABC BUILDWARE INDIA (P) LIMITED,PARIYARAM vs. ACIT CENTRAL CIRCLE-1, KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

ITA 531/COCH/2024[2015-16]Status: DisposedITAT Cochin20 Dec 2024AY 2015-16

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

KODIYIL MUHAMMED MADANI(PARTNER) ABC SALES CORPORATION,TALIPARAMBA vs. ACIT, CENTRAL CIRCLE, CALICUT

In the result, appeal of the assessee is hereby dismissed

ITA 530/COCH/2024[2020-21]Status: DisposedITAT Cochin20 Dec 2024AY 2020-21

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

KODIYIL MUHAMMED MADANI(PARTNER ABC SALES CORPORATION).,TALIPARAMBA vs. ACIT, CENTRAL CIRCLE-1, CALICUT

In the result, appeal of the assessee is hereby dismissed

ITA 529/COCH/2024[2019-20]Status: DisposedITAT Cochin20 Dec 2024AY 2019-20

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

KODIYIL MUHAMMED MADANI, PARTNER (ABC SALES CORPORATION),TALIPARAMBA vs. ACIT CENTRAL CIRCLE-1, CALICUT

In the result, appeal of the assessee is hereby dismissed

ITA 528/COCH/2024[2018-19]Status: DisposedITAT Cochin20 Dec 2024AY 2018-19

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

KODIYIL MUHAMMED MADANI, PARTNER (ABC SALES CORPORATION),TALIPARAMBA vs. ACIT CENTRAL CIRCLE-1, CALICUT

In the result, appeal of the assessee is hereby dismissed

ITA 524/COCH/2024[2017-18]Status: DisposedITAT Cochin20 Dec 2024AY 2017-18

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

KODIYIL MUHAMMED MADANI, PARTNER(ABC SALAES CORPORATION),TALIPARAMBA vs. ACIT , CENTRAL CIRCLE-1, KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

ITA 523/COCH/2024[2013-14]Status: DisposedITAT Cochin20 Dec 2024AY 2013-14

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

MUAHAMMED JABIR,TALIPARAMBA vs. ACIT< CENTRAL CIRCLE-1, KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

ITA 522/COCH/2024[2020-21]Status: DisposedITAT Cochin20 Dec 2024AY 2020-21

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

MUAHAMMED JABIR,TALIPARAMBA vs. ACIT, CENTRAL CIRCLE-1, , KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

ITA 521/COCH/2024[2019-20]Status: DisposedITAT Cochin20 Dec 2024AY 2019-20

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

MUAHAMMED JABIR(PARTNER , ABC SALES CORPORATION),TALIPARAMBA vs. ACIT, CENTRAL CIRCLE-1, KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

ITA 520/COCH/2024[2018-19]Status: DisposedITAT Cochin20 Dec 2024AY 2018-19

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

MUAHAMMED JABIR, PARTNER ABC SALES CORPORATION,TALIPARAMBA vs. ACIT CENTRAL CIRCLE-1, , KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

ITA 519/COCH/2024[2017-18]Status: DisposedITAT Cochin20 Dec 2024AY 2017-18

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

ABDUL GAFOOR MUHAMMED POTTICHI,TALIPARAMBA vs. ACIT, CENTRAL CIRCLE-1, , KOZHIKODE

In the result, appeal of the assessee is hereby dismissed

ITA 518/COCH/2024[2020-21]Status: DisposedITAT Cochin20 Dec 2024AY 2020-21

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…quantitative details of the stock items and that the only difference is with regard to adopting the value of closing stock. The Tribunal placed reliance upon the decision of the jurisdictional High Court in the case of CIT v. Veerdip Rollers (P.) Ltd. [2010] 323 ITR 341 (Guj.), and noted that in the facts of the present case also the revenue had not reported that there was any difference in the quantity of stock; and the Assessing Officer had not made any inquiry in respect of the explanation of the assessee that the stock belonging to another entity was included in the stock statement submitted by the banker, a…

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