CIT v. Wolkem India Ltd.

315 ITR 211High Court2009#3742 most cited

What is CIT v. Wolkem India Ltd. authority for?

The provision for obsolescence of finished goods and spares is permissible. The issue relates to the allowance of provision for obsolescence of finished goods and spares.

32

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2022.

Also referred to as

CIT vs. Wolkem India Ltd. · provision for obsolescence · finished goods · spares · accounting policy · accounting standard

Also reported as

221 CTR 767

Judgments citing CIT v. Wolkem India Ltd.

B G EXPLORATION & PRODUCTION INDIA LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME, DDIT/ ADIT (INTERNATIONAL TAXATION), CIRCLE-1, DEHRADUN, DEHRADUN

In the result, both the appeals of the assessee are allowed

ITA 47/DDN/2022[2018-19]Status: DisposedITAT Dehradun27 Dec 2022AY 2018-19

Bench: Sh. Kul Bharatdr. B. R. R. Kumar

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. Mayak Kumar, JCIT, DR
Section 143(3)Section 144C(5)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘DB’, NEW DELHI Before Sh. Kul Bharat, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 13/DDN/2022: Asstt. Year: 2015-16 ITA No. 47/DDN/2022: Asstt. Year: 2018-19 BG Exploraton & Production India Ltd., Vs DCIT, BG House, Lake Boulevard, DDIT/ADIT (International Hiranandani Business Park, Powai, Taxation), Circle-1, Mumbai-400076 Dehradun-248001 (APPELLANT) (RESPONDENT) PAN No. AAACE4569K Assessee by : Sh. Ajay Vohra, Sr. Adv. Revenue by : Sh. Mayak Kumar, JCIT, DR Date of Hearing: 11.10.2022 Date of Pronouncement: 27.12.2022 ORDER Per Dr. B. R. R.…

B G EXPLORATION & PRODUCTION INDIA LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME, DDIT/ ADIT (INTERNATIONAL TAXATION), CIRCLE-1, DEHRADUN, DEHRADUN, UTTARAKHAND

In the result, both the appeals of the assessee are allowed

ITA 13/DDN/2022[2015-16]Status: DisposedITAT Dehradun27 Dec 2022AY 2015-16

Bench: Sh. Kul Bharatdr. B. R. R. Kumar

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. Mayak Kumar, JCIT, DR
Section 143(3)Section 144C(5)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘DB’, NEW DELHI Before Sh. Kul Bharat, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 13/DDN/2022: Asstt. Year: 2015-16 ITA No. 47/DDN/2022: Asstt. Year: 2018-19 BG Exploraton & Production India Ltd., Vs DCIT, BG House, Lake Boulevard, DDIT/ADIT (International Hiranandani Business Park, Powai, Taxation), Circle-1, Mumbai-400076 Dehradun-248001 (APPELLANT) (RESPONDENT) PAN No. AAACE4569K Assessee by : Sh. Ajay Vohra, Sr. Adv. Revenue by : Sh. Mayak Kumar, JCIT, DR Date of Hearing: 11.10.2022 Date of Pronouncement: 27.12.2022 ORDER Per Dr. B. R. R.…

RACOLD THERMO PVT.LTD,(FORMERLY KNOW AS RACOLD THERMO LIMITED),,PUNE vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 10,, PUNE

In the result, the appeal filed by the assessee stands partly allowed for statistical purposes

ITA 681/PUN/2018[2013-14]Status: DisposedITAT Pune20 Jul 2022AY 2013-14

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपील सं. / Ita No.681/Pun/2018 िनधा"रण वष" / Assessment Year: 2013-14 Racold Thermo Pvt. Ltd. Vs. Acit, Circle-10, Pune. (Formerly Known As Racold Thermo Limited), Gat No.265/374-376, Kharabwadi, Chakan- Talegaon Road, Tal. Khed, Chakan, Pune- 410501. Pan : Aaecm0766G Appellant Respondent Assessee By : Shri Ketan Ved Revenue By : Shri Arvind Desai Date Of Hearing : 18.07.2022 Date Of Pronouncement : 20.07.2022 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of Ld. Commissioner Of Income Tax (Appeals)-6, Pune [‘The Cit(A)’] Dated 14.02.2018 For The Assessment Year 2013-14. 2. The Appellant Raised The Following Grounds Of Appeal :- “1 : 0 Re.: Disallowance Of Provision For Obsolescence Of Inventory :

For Appellant: Shri Ketan VedFor Respondent: Shri Arvind Desai
Section 143(3)

…. DCIT, 186 CTR 390 (Bom.) as confirmed by the Hon'ble Supreme Court in the case of CIT Vs. Alfa Laval India Ltd., 295 ITR 451(SC) and also the Co-ordinate Bench of Tribunal and also the Hon’ble Rajasthan High Court in the case of CIT vs. Wolkem India Limited 221 ITR 767 (Raj) and the Hon’ble Delhi High Court in the case of CIT Vs. Hotline Teletube & Components Ltd. (2008) 175 Taxman 286 (Del). 7. On the other hand, the ld. Sr. DR opposed the submissions of assessee and submitted that the provision was not based on the Accounting Standard No.2, but based on the accounting policy which may not be really the identi…

RACOLD THERMO PRIVATE LIMITED (FORMERLY KNOWN AS RACOLD THERMO LIMITED),,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX,,

In the result, the appeal filed by assessee stands partly allowed for statistical purposes

ITA 2920/PUN/2016[2009-10]Status: DisposedITAT Pune22 Mar 2022AY 2009-10

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

For Respondent: Shri Ketan Ved
Section 143(3)

…Alfa Laval India Vs. DCIT (supra) as confirmed by the Hon'ble Supreme Court in the case of CIT Vs. Alfa Laval India Ltd. (supra) and also the Co- ordinate Bench of Tribunal and also the Hon’ble Rajasthan High Court in the case of CIT vs. Wolkem India Limited 221 ITR 767 (Raj) and the Hon’ble Delhi High Court in the case of CIT Vs. Hotline Teletube & Components Ltd. (2008) 175 Taxman 286 (Del). 12. On the other hand, the ld. Sr.CIT-DR opposed the submissions of assessee and submitted that the provision was not based on the Accounting Standard No.2, but based on the accounting policy which may not be really the i…

RACOLD THERMO PRIVATE LIMITED (FORMERLY KNOWN AS RACOLD THERMO LIMITED),,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX,, PUNE

In the result, the appeal filed by assessee stands partly allowed for statistical purposes

ITA 499/PUN/2017[2011-12]Status: DisposedITAT Pune22 Mar 2022AY 2011-12

Bench: Shri Inturi Rama Rao & Shri S.S. Viswanethra Ravi

For Respondent: Shri Ketan Ved
Section 143(3)

…Alfa Laval India Vs. DCIT (supra) as confirmed by the Hon'ble Supreme Court in the case of CIT Vs. Alfa Laval India Ltd. (supra) and also the Co- ordinate Bench of Tribunal and also the Hon’ble Rajasthan High Court in the case of CIT vs. Wolkem India Limited 221 ITR 767 (Raj) and the Hon’ble Delhi High Court in the case of CIT Vs. Hotline Teletube & Components Ltd. (2008) 175 Taxman 286 (Del). 12. On the other hand, the ld. Sr.CIT-DR opposed the submissions of assessee and submitted that the provision was not based on the Accounting Standard No.2, but based on the accounting policy which may not be really the i…

AMERICAN POWER CONVERSION (INDIA) PRIVATE LIMITED,BANGALORE vs. ADDL.C.I.T., BANGALORE

In the result, appeal of the assessee stands partly allowed as indicated herein above

ITA 1111/BANG/2012[2008-09]Status: DisposedITAT Bangalore28 Feb 2022AY 2008-09

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiit(Tp)A No. 1111/Bang/2012 Assessment Year : 2008-09

For Appellant: Shri Ketan Ved, CA
Section 133(6)Section 143(3)Section 92C

…arge to the profit and loss account. He placed reliance on the following decisions.  CIT vs. IBM India Private Limited ITA No 445 of 2008 (Kar HC)  CIT vs Tupperware India Pvt. Ltd (2015) 53 taxmann.com 232 (Delhi HC)  CIT vs. Wolkem India Private Limited (315 ITR 211) (Raj HC)  Commissioner of Income-tax vs. Carborandum Universal Ltd [1984] 16 Taxman 25 (Mads HC)  Emersons Process Management India (P.) Ltd. v. Additional Commissioner of Income-tax (Mumbai ITAT) (47 SOT 157) On the contrary, the Ld.DR relied on the orders passed by the Ld.AO. We have perused the submissions advanced by both sides in light of…

DCIT 4(2)(2), MUMBAI vs. M. M. POONJIAJI SPICES LTD., MUMBAI

In the result, appeal of the revenue is dismissed

ITA 5310/MUM/2016[2012-13]Status: DisposedITAT Mumbai03 Dec 2020AY 2012-13

Bench: Shri M.Balaganesh, Am

Section 143(3)

…f Chainrup Sampatram vs. CIT reported in 24 ITR 481. (b) Decision of Delhi Tribunal in the case of Pepperi-Fuchs (India) Ltd., vs. DCIT reported in 6 SOT 10 (c) Decision of the Hon’ble Rajasthan High Court in the case of CIT vs. Wolkem India Ltd., reported in 221 CTR 767 (d) Decision of Hon’ble Delhi High Court in the case of CIT vs. Tupperware India Pvt. Ltd., reported in 53 Taxmann.com 232. (e) Decision of Hon’ble Supreme Court in the case of CIT vs. Hindustan Zinc Ltd., reported in 291 ITR 391. (f) Decision of Hon’ble Delhi High Court in the case of CIT vs. Hotline Teletube and Components Ltd., reported in 175…

THE ACIT, CIRCLE-2,, JAMNAGAR vs. M/S HIRAVATI MARINE PRODUCTS (P) LTD.,, PORBANDAR

In the result, the appeal of the revenue and cross objection of the assessee both are dismissed

ITA 946/RJT/2010[2006-07]Status: DisposedITAT Rajkot23 Sept 2019AY 2006-07
For Appellant: Shri P. M. Maharshi, A.RFor Respondent: Shri Jitendra Kumar, CIT-D.R
Section 143(2)Section 143(3)

…Stock of obsolescence (Shown as Extra Ordinary 3,88,28,010/- Items Separately) 3. Shown decrease and (increase) in stock (1-2) 2,23,40,541/- I have carefully considered the decision of Honourable Rajasthan High Court in the case of CIT V Wolkem India Limited 221 CTR 767 (RAJ.) where in it is held that 'As per the provisions of s. 145A of the Act of 1.961, the income from business under the head "Profits and gains from business" has to be computed in accordance with method of accounting regularly employed by the assessee Similarly, s, 145A of the Act of 1961 provides that the inventory shall be valued in accordan…

ACIT 1(1), MUMBAI vs. FORBES & CO.LTD, MUMBAI

In the result, appeal of the assessee is partly allowed and the appeal of

ITA 5536/MUM/2011[2007-08]Status: DisposedITAT Mumbai25 Jul 2019AY 2007-08

Bench: Shri G S Pannu, Vice-And Shri Pawan Singh

For Appellant: Shri Girish Dave (AR)For Respondent: Shri S C Tiwari (CIT-DR)
Section 143(3)Section 14ASection 3Section 37(1)Section 40

…T vs. Alpha Laval (India) Ltd. [2008] 295 ITR 45, Hon’ble Delhi High Court in CIT vs. Bharat Commerce & Industry Ltd. (240 ITR 256 Del.), CIT vs. Hotline Teletube and Components Ltd. (ITA No. 694/2008), Rajasthan High Court in CIT vs. Wolkem India Limited (315 ITR 211) and Mumbai Tribunal in Emerson Process Management India (P.) Ltd. v/s ACIT (13 taxmann.com 149). 16. On the other hand, the ld. DR for the revenue supported the order of lower authorities. The ld. DR for the revenue on our specific query accepted that the 14 ITA No. 5536 & 5540 Mum 2011-Forbes & Co. Ltd. account had been debited to the expen…

DCIT 3(3)(1), MUMBAI vs. RALLIS INDIA LTD, MUMBAI

ITA 456/MUM/2017[2009-10]Status: DisposedITAT Mumbai03 Aug 2018AY 2009-10

Bench: Hon’Ble Shri R. C. Sharma, Am & Hon’Ble Shri Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 456/Mum/2017 (निर्धारणवर्ा / Assessment Year:2009-10) Dcit 3(3)(1) M/S Rallis India Ltd Room No. 609, 6Th Floor, Aayakar बिधम/ 156/157, Nariman Bhavan, M.K. Road, Bhavan, Nariman Vs. Mumbai-400 020. Point, Mumbai-400 021 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No. Aabcr2657N (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : C.O. No. 117/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2009-10) M/S Rallis India Ltd Dcit 3(3)(1) Room No. 609, 6Th 156/157, Nariman Bhavan, बिधम/ Nariman Point, Floor, Aayakar Vs. Mumbai-400 021 Bhavan, M.K. Road, Mumbai-400 020. (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : आयकरअपीलसं./ I.T.A. No. 2728/Mum/2014 (निर्धारणवर्ा / Assessment Year:2009-10) M/S Rallis India Ltd Dcit 3(3)(1) Room No. 609, 6Th 156/157, Nariman Bhavan, बिधम/ Nariman Point, Floor, Aayakar Vs. Mumbai-400 021 Bhavan, M.K. Road, Mumbai-400 020. (अपीलाथी/Appellant) (प्रत्यथी / Respondent) :

For Appellant: Shri A. MohanFor Respondent: Shri Jitendra Jain /H
Section 143(3)Section 263

…48.24 crores, which is a paltry 0.4% to the total stock. He relied on the decision in the case of CIT v. Hughes Communication India Ltd. (Del) (ITA 383 and 385 of 2012); CIT v. Hotline Teletube & Components Ltd. (Del) (ITA 694/2008); CIT v. Wolkem India Ltd. (315 ITR 211 (Raj); IAC v. Consolidated Pneumatic Tool Co. India Ltd. (15 ITD 564) (Born); A.L.A. Firm v. CIT (189 ITR 285) (SC); Alfa Laval India Ltd. v. DCIT (266 ITR 418) (Born); DCIT v. Indroyal Fumiture Co. P. Ltd. (2 ITR (Trib) 628) (Cochin). It was stated that first two judgments specifically deal with the issue of provision for diminution in the value…

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

…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 was submitted that the method of valuation regularly followed should be accepted even if the change of method has not accepted in the first year :- 28 -: as long as the method adopted is in accordance with accepted accounting principles. On the other hand, the ld. CIT-DR placed reliance on the orders of lower authorities.…

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

…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 was submitted that the method of valuation regularly followed should be accepted even if the change of method has not accepted in the first year :- 28 -: as long as the method adopted is in accordance with accepted accounting principles. On the other hand, the ld. CIT-DR placed reliance on the orders of lower authorities.…

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

…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 was submitted that the method of valuation regularly followed should be accepted even if the change of method has not accepted in the first year :- 28 -: as long as the method adopted is in accordance with accepted accounting principles. On the other hand, the ld. CIT-DR placed reliance on the orders of lower authorities.…

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

…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 was submitted that the method of valuation regularly followed should be accepted even if the change of method has not accepted in the first year :- 28 -: as long as the method adopted is in accordance with accepted accounting principles. On the other hand, the ld. CIT-DR placed reliance on the orders of lower authorities.…

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

…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 was submitted that the method of valuation regularly followed should be accepted even if the change of method has not accepted in the first year :- 28 -: as long as the method adopted is in accordance with accepted accounting principles. On the other hand, the ld. CIT-DR placed reliance on the orders of lower authorities.…

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

…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 was submitted that the method of valuation regularly followed should be accepted even if the change of method has not accepted in the first year :- 28 -: as long as the method adopted is in accordance with accepted accounting principles. On the other hand, the ld. CIT-DR placed reliance on the orders of lower authorities.…

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

…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 was submitted that the method of valuation regularly followed should be accepted even if the change of method has not accepted in the first year :- 28 -: as long as the method adopted is in accordance with accepted accounting principles. On the other hand, the ld. CIT-DR placed reliance on the orders of lower authorities.…

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

…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 was submitted that the method of valuation regularly followed should be accepted even if the change of method has not accepted in the first year :- 28 -: as long as the method adopted is in accordance with accepted accounting principles. On the other hand, the ld. CIT-DR placed reliance on the orders of lower authorities.…

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

…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 was submitted that the method of valuation regularly followed should be accepted even if the change of method has not accepted in the first year :- 28 -: as long as the method adopted is in accordance with accepted accounting principles. On the other hand, the ld. CIT-DR placed reliance on the orders of lower authorities.…

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

…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 was submitted that the method of valuation regularly followed should be accepted even if the change of method has not accepted in the first year :- 28 -: as long as the method adopted is in accordance with accepted accounting principles. On the other hand, the ld. CIT-DR placed reliance on the orders of lower authorities.…

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CIT v. Wolkem India Ltd. (315 ITR 211) — Cited in 32 Judgments | BharatTax