India Motor Parts And Accessories (P) Ltd. v. Commissioner of Income Tax

60 ITR 531High Court1966#6278 most cited
19

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2013 to 2021.

Judgments citing India Motor Parts And Accessories (P) Ltd. v. Commissioner of Income Tax

M/S GLAXOSMITHKLINE ASIA PVT. LTD.,GURGAON vs. DCIT, CHANDIGARH

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

ITA 532/CHANDI/2014[2006-07]Status: DisposedITAT Chandigarh30 Jul 2021AY 2006-07
For Appellant: Shri Ajay Vohra, Sr.AdvFor Respondent: Smt. C. Chandrakanta, CIT DR
Section 143(3)Section 250(6)

…lisable value being lower than cost. Reliance in this regard is also placed on the following decision: - Chainrup Sampatram vs. CIT : 24 1TR 48 (SC) - K. Mohammad Adam Sahib v. CIT : 56 1TR 360 (Madras HC) - India Motor Parts and Accessories (P) Ltd. v. CIT : 60 ITR 531 (Madras HC) - CIT v. Dalmia Cement (Bharat) Ltd.: 215 ITR 4411 (Delhi HC) - CIT vs. Bharat Commerce & industries Limited : 240 ITR 256 (Delhi HC) - Hotline Tele Tube and Components Limited: 175 Taxman 286 (Delhi HC)[Pg. 35-36 of PB-CL for AY 2004-05 & 2005-06] - C1T v. Hughes Communication India Ltd.: 215 Taxman 136 (Delhi HC) [Pg. 37-39 of PB-CL…

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)

…td., reported in 312 ITR 254 (i) Decision of Hon’ble Supreme Court in the case of CIT vs. Alfa Laval (India) Ltd., reported in 170 Taxman 615 (j) Decision of Hon’ble Madras High Court in the case of India Motor Parts Accessories (P) Ltd., vs. CIT reported in 60 ITR 531 (k) Decision of Hon’ble Delhi High Court in the case of CIT vs. Hughes Communication India Ltd., reported in 33 Taxmann.com 95. 3.4. It was specifically submitted by the assessee and also by the ld. AR before us that the observation made by the ld. AO that assessee had written off the stale stock of Rs.11.99 Crores during the year to offset the 7…

MAHANADI COALFIELDS LTD.,SAMBALPUR vs. DCIT, CIRCLE-2(1), SAMBALPUR

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

ITA 174/CTK/2018[2015-16]Status: DisposedITAT Cuttack05 Jun 2020AY 2015-16

Bench: Shri C.M. Garg, Jm & Shri L.P. Sahu, Am आयकर अपीऱ सं./Ita No.174/Ctk/2018 (नििाारण वषा / Assessment Year : 2015 - 2016) Mahanadi Coalfields Ltd., Vs. Dcit, Circle-2(1), Sambalpur Jagriti Vihar, Burla, Sambalpur स्थायी ऱेखा सं./Pan No. : Aabcm 5188 P (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. यनधागररती की ओर से /Assessee By : Shri S.S.Podar, Ca राजस्व की ओर से /Revenue By : Shri S.M.Keshkamat, Citdr सुनवाई की तारीख / Date Of Hearing : 15/01/2020 घोषणा की तारीख/Date Of Pronouncement : 05/06/2020 आदेश / O R D E R Per L.P.Sahu, Am :

For Appellant: Shri S.S.Podar, CAFor Respondent: Shri S.M.Keshkamat, CITDR
Section 143(3)Section 14ASection 32Section 35ESection 37Section 37(1)

…earlier years, the assessee had the option to change the method of valuation of closing stock at cost or market price, whichever is lower, at any time, provided the change was bona fide and followed regularly thereafter. • CIT VS Dalmia Cement (Bharat) Ltd. [215 ITR 441, 445 (Del.)] In this decision, the Delhi High Court has laid down the proposition that it is well settled that irrespective of the basis adopted for valuation for earlier years, the assessee has an option to change the method of valuation of closing stock provided the change is bona fide and followed regularly thereafter. • CIT vs National &Gri…

M/S. L & T HOCHTIEF SEABIRD JOINT VENTURE,MUMBAI vs. THE DY IT CIR 12(2), MUMBAI

In the result, the appeals filed by the assessee are partly allowed

ITA 2901/MUM/2008[2003-2004]Status: DisposedITAT Mumbai30 Sept 2019AY 2003-2004

Bench: Shri Pawan Singh () & Shri N.K. Pradhan () Assessment Year: 2003-04 & Assessment Year: 2004-05 L&T Hochtief Seabird Joint Dy. Commissioner Of Venture Vs. Income Tax Range 12(2), Taxation Department, L&T Room No. 114, 1St Floor, House, N.M. Marg, Ballard Aayakarbhavan, M.K. Estate, Mumbai-400001 Marg, Mumbai-400020. Pan No. Aaaal0284E Appellant Respondent

For Appellant: Mr. J.D. Mistry, ARFor Respondent: Mr. Nishant Samaiya, DR
Section 143

…L&T Hochtief Seabird Joint 295), Snow White Food Products Co. Ltd. (141 ITR 861), Nagri Mills Co. Ltd. (33 ITR 681), Balapur Vibhag Jungle Kamdar Mandal Ltd. (135 ITR 91), Alfa Laval India Ltd. (113 Taxman 740) and India Motor Parts & Accessories (P.) Ltd. (60 ITR 531). 24. On the other hand, the Ld. DR submits that these heavy tools, small tools, consumables have been used in subsequent years as reported by the special auditor in his report and therefore, the policy of the assessee- UJV to show them as cost of the project is factually incorrect. Thus it is argued by him that these stocks are not the dead stock…

SMT. NEETA SHARMA,AGRA vs. A.C.I.T., CIRCLE-2, AGRA

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

ITA 299/AGR/2013[2007-08]Status: DisposedITAT Agra19 Aug 2019AY 2007-08

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meenaassessment Year: 2007-08

Section 234ASection 40A(2)(b)Section 40A(3)Section 46A

…maintained by it which has also been accepted by the Central Excise Department as well as by the Sales Tax Department could not be disbelieved. The Tribunal has placed reliance on the following cases : 1.India Motor Parts & Accessories (P.) Ltd. v. CIT [1966] 60 ITR 531 (Mad.) 2.CIT v. Ramkrishna Mills (Coimbatore) Ltd. [1974] 93 ITR 49 (Mad.) 3.Coimbatore Spg. &Wvg. Co. Ltd. v. CIT [1974] 95 ITR 375 (Mad.) 4.Gaindamal Handa& Sons v. CIT [1980] 4 Taxman 210 (Punj. & Har.) 5. Swadeshi Cotton Mills Co. Ltd. v. CIT [1980] 125 ITR 33 1 (All.). The above cases lay down that it is a practice to inflate stocks with a vi…

A.C.I.T.-2, AGRA vs. SMT. NEETA SHARMA PROP., AGRA

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

ITA 286/AGR/2013[2007-08]Status: DisposedITAT Agra19 Aug 2019AY 2007-08

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meenaassessment Year: 2007-08

Section 234ASection 40A(2)(b)Section 40A(3)Section 46A

…maintained by it which has also been accepted by the Central Excise Department as well as by the Sales Tax Department could not be disbelieved. The Tribunal has placed reliance on the following cases : 1.India Motor Parts & Accessories (P.) Ltd. v. CIT [1966] 60 ITR 531 (Mad.) 2.CIT v. Ramkrishna Mills (Coimbatore) Ltd. [1974] 93 ITR 49 (Mad.) 3.Coimbatore Spg. &Wvg. Co. Ltd. v. CIT [1974] 95 ITR 375 (Mad.) 4.Gaindamal Handa& Sons v. CIT [1980] 4 Taxman 210 (Punj. & Har.) 5. Swadeshi Cotton Mills Co. Ltd. v. CIT [1980] 125 ITR 33 1 (All.). The above cases lay down that it is a practice to inflate stocks with a vi…

GLAXOSMITHKLINE ASIA (P) LTD.,GURGAON vs. ACIT, CHANDIGARH

In the result, appeal of the Assessee is allowed for statistical purposes

ITA 1323/CHANDI/2012[2003-04]Status: DisposedITAT Chandigarh28 Sept 2018AY 2003-04
For Appellant: Sh. Neeraj Jain (C.A), Sh. Abhishek Mukherjee (C.A)For Respondent: Dr. Gulshan Raj
Section 143(3)

…hod of valuing the closing stock at cost or net realizable value, whichever is lower, for the purposes of the Act have been accepted in the following cases: - K. Mohammed Adam Sahib v. CIT: 56 ITR 360 (Mad.) - India Motor Parts and Accessories (P) Ltd v. CIT: 60 ITR 531 (Mad.) - CIT v. Dalmia Cement (Bharat) Ltd: 215 ITR 441 (Del.) - CIT v Indo-Commercial Bank Ltd.: 44 ITR 22 (Del.) - CIT vs. Bharat Commerce & Industries Limited : 240 ITR 256 (Del HC) The Madras High Court in the case of K. Mohammad Adam Sahib v. CIT: 56 ITR 360, while reiterating the principle that the assessee has a right to value his closing s…

DEPUTY COMMISSIONER OF INCOME-TAX vs. M/S. FINOLEX PLASSON INDUSTRIES PVT. LTD.,, PUNE

The appeals of the Revenue are dismissed

ITA 1542/PUN/2015[2011-12]Status: DisposedITAT Pune29 Jan 2018AY 2011-12

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri Jayant G. PendseFor Respondent: Shri Ajay Modi
Section 132Section 139Section 143(3)Section 153ASection 234C

…is less. The ld. AR in support of his submissions placed reliance on the following decisions : i. Alfa Laval India Ltd. Vs. Deputy Commissioner of Income Tax, 186 CTR 390 (Bombay); ii. India Motor Parts And Accessories (P) Ltd. Vs. Commissioner of Income Tax, 60 ITR 531 (Madras). 19.1 The ld. AR of assessee has raised an additional ground of appeal for the assessment year 2009-10 praying that if diminution in value of closing stock is not allowed in assessment year 2008-09, the value of opening stock in the assessment year 2009-10 may be allowed to be enhanced by Rs.44,06,176/-. The ld. AR in support of his alte…

DEPUTY COMMISSIONER OF INCOME-TAX vs. M/S. FINOLEX PLASSON INDUSTRIES PVT. LTD.,, PUNE

The appeals of the Revenue are dismissed

ITA 1541/PUN/2015[2008-09]Status: DisposedITAT Pune29 Jan 2018AY 2008-09

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri Jayant G. PendseFor Respondent: Shri Ajay Modi
Section 132Section 139Section 143(3)Section 153ASection 234C

…is less. The ld. AR in support of his submissions placed reliance on the following decisions : i. Alfa Laval India Ltd. Vs. Deputy Commissioner of Income Tax, 186 CTR 390 (Bombay); ii. India Motor Parts And Accessories (P) Ltd. Vs. Commissioner of Income Tax, 60 ITR 531 (Madras). 19.1 The ld. AR of assessee has raised an additional ground of appeal for the assessment year 2009-10 praying that if diminution in value of closing stock is not allowed in assessment year 2008-09, the value of opening stock in the assessment year 2009-10 may be allowed to be enhanced by Rs.44,06,176/-. The ld. AR in support of his alte…

DEPUTY COMMISSIONER OF INCOME-TAX vs. M/S. FINOLEX PLASSON INDUSTRIES PVT. LTD.,, PUNE

The appeals of the Revenue are dismissed

ITA 1540/PUN/2015[2005-06]Status: DisposedITAT Pune29 Jan 2018AY 2005-06

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri Jayant G. PendseFor Respondent: Shri Ajay Modi
Section 132Section 139Section 143(3)Section 153ASection 234C

…is less. The ld. AR in support of his submissions placed reliance on the following decisions : i. Alfa Laval India Ltd. Vs. Deputy Commissioner of Income Tax, 186 CTR 390 (Bombay); ii. India Motor Parts And Accessories (P) Ltd. Vs. Commissioner of Income Tax, 60 ITR 531 (Madras). 19.1 The ld. AR of assessee has raised an additional ground of appeal for the assessment year 2009-10 praying that if diminution in value of closing stock is not allowed in assessment year 2008-09, the value of opening stock in the assessment year 2009-10 may be allowed to be enhanced by Rs.44,06,176/-. The ld. AR in support of his alte…

FINOLEX PLASSON INDUSTRIES PVT. LTD.,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

The appeals of the Revenue are dismissed

ITA 1278/PUN/2015[2011-12]Status: DisposedITAT Pune29 Jan 2018AY 2011-12

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri Jayant G. PendseFor Respondent: Shri Ajay Modi
Section 132Section 139Section 143(3)Section 153ASection 234C

…is less. The ld. AR in support of his submissions placed reliance on the following decisions : i. Alfa Laval India Ltd. Vs. Deputy Commissioner of Income Tax, 186 CTR 390 (Bombay); ii. India Motor Parts And Accessories (P) Ltd. Vs. Commissioner of Income Tax, 60 ITR 531 (Madras). 19.1 The ld. AR of assessee has raised an additional ground of appeal for the assessment year 2009-10 praying that if diminution in value of closing stock is not allowed in assessment year 2008-09, the value of opening stock in the assessment year 2009-10 may be allowed to be enhanced by Rs.44,06,176/-. The ld. AR in support of his alte…

FINOLEX PLASSON INDUSTRIES PVT. LTD.,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

The appeals of the Revenue are dismissed

ITA 1277/PUN/2015[2009-10]Status: DisposedITAT Pune29 Jan 2018AY 2009-10

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri Jayant G. PendseFor Respondent: Shri Ajay Modi
Section 132Section 139Section 143(3)Section 153ASection 234C

…is less. The ld. AR in support of his submissions placed reliance on the following decisions : i. Alfa Laval India Ltd. Vs. Deputy Commissioner of Income Tax, 186 CTR 390 (Bombay); ii. India Motor Parts And Accessories (P) Ltd. Vs. Commissioner of Income Tax, 60 ITR 531 (Madras). 19.1 The ld. AR of assessee has raised an additional ground of appeal for the assessment year 2009-10 praying that if diminution in value of closing stock is not allowed in assessment year 2008-09, the value of opening stock in the assessment year 2009-10 may be allowed to be enhanced by Rs.44,06,176/-. The ld. AR in support of his alte…

FINOLEX PLASSON INDUSTRIES PVT. LTD.,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

The appeals of the Revenue are dismissed

ITA 1276/PUN/2015[2008-09]Status: DisposedITAT Pune29 Jan 2018AY 2008-09

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri Jayant G. PendseFor Respondent: Shri Ajay Modi
Section 132Section 139Section 143(3)Section 153ASection 234C

…is less. The ld. AR in support of his submissions placed reliance on the following decisions : i. Alfa Laval India Ltd. Vs. Deputy Commissioner of Income Tax, 186 CTR 390 (Bombay); ii. India Motor Parts And Accessories (P) Ltd. Vs. Commissioner of Income Tax, 60 ITR 531 (Madras). 19.1 The ld. AR of assessee has raised an additional ground of appeal for the assessment year 2009-10 praying that if diminution in value of closing stock is not allowed in assessment year 2008-09, the value of opening stock in the assessment year 2009-10 may be allowed to be enhanced by Rs.44,06,176/-. The ld. AR in support of his alte…

FINOLEX PLASSON INDUSTRIES PVT. LTD.,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

The appeals of the Revenue are dismissed

ITA 1275/PUN/2015[2007-08]Status: DisposedITAT Pune29 Jan 2018AY 2007-08

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri Jayant G. PendseFor Respondent: Shri Ajay Modi
Section 132Section 139Section 143(3)Section 153ASection 234C

…is less. The ld. AR in support of his submissions placed reliance on the following decisions : i. Alfa Laval India Ltd. Vs. Deputy Commissioner of Income Tax, 186 CTR 390 (Bombay); ii. India Motor Parts And Accessories (P) Ltd. Vs. Commissioner of Income Tax, 60 ITR 531 (Madras). 19.1 The ld. AR of assessee has raised an additional ground of appeal for the assessment year 2009-10 praying that if diminution in value of closing stock is not allowed in assessment year 2008-09, the value of opening stock in the assessment year 2009-10 may be allowed to be enhanced by Rs.44,06,176/-. The ld. AR in support of his alte…

FINOLEX PLASSON INDUSTRIES PVT. LTD.,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

The appeals of the Revenue are dismissed

ITA 1274/PUN/2015[2006-07]Status: DisposedITAT Pune29 Jan 2018AY 2006-07

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri Jayant G. PendseFor Respondent: Shri Ajay Modi
Section 132Section 139Section 143(3)Section 153ASection 234C

…is less. The ld. AR in support of his submissions placed reliance on the following decisions : i. Alfa Laval India Ltd. Vs. Deputy Commissioner of Income Tax, 186 CTR 390 (Bombay); ii. India Motor Parts And Accessories (P) Ltd. Vs. Commissioner of Income Tax, 60 ITR 531 (Madras). 19.1 The ld. AR of assessee has raised an additional ground of appeal for the assessment year 2009-10 praying that if diminution in value of closing stock is not allowed in assessment year 2008-09, the value of opening stock in the assessment year 2009-10 may be allowed to be enhanced by Rs.44,06,176/-. The ld. AR in support of his alte…

DCIT, NEW DELHI vs. M/S. PADMINI VNA MECHANTRONICS P. LTD., NEW DELHI

In the result ground No. 2 of the appeal of the revenue is dismissed

ITA 3592/DEL/2014[2009-10]Status: DisposedITAT Delhi19 Apr 2017AY 2009-10

Bench: Shri H.S.Sidhu & Shri Prashant Maharishidcit, Vs. Padmini Vna Mechantronics P Ltd, Circle-14(1), 5, Padmini Enclave, Hauz Khas, New Delhi New Delhi Pan:Aaccv1001F (Appellant) (Respondent)

For Appellant: Sh. Raj Kumar, CAFor Respondent: Sh. FR Meena, Sr. DR
Section 143(3)Section 14A

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F”: NEW DELHI BEFORE SHRI H.S.SIDHU, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER DCIT, Vs. Padmini VNA Mechantronics P Ltd, Circle-14(1), 5, Padmini Enclave, Hauz Khas, New Delhi New Delhi PAN:AACCV1001F (Appellant) (Respondent) Revenue by : Sh. FR Meena, Sr. DR Assessee by: Sh. Raj Kumar, CA Date of Hearing 04/04/2017 Date of pronouncement 19/04/2017 O R D E R PER PRASHANT MAHARISHI, A. M. 1. This appeal is preferred by the revenue against the order of the ld CIT(A)- XXIV, New Delhi dated 10.03.2014 for the Assessment Year 2009-10. 2. The revenue ha…

M/S. HONDA SIEL POWER PRODUCTS LTD.,GAUTAM BUDH NAGAR vs. DCIT, NEW DELHI

In the result, both the appeals of the assessee-company are partly allowed for statistical purposes

ITA 551/DEL/2014[2009-10]Status: DisposedITAT Delhi13 Apr 2016AY 2009-10

Bench: : Shri I.C. Sudhir & Shri L.P. Sahu

For Appellant: S/Sh. Neeraj Jain, AdvFor Respondent: Sh. Armendra Kumar, CIT/ DR
Section 143(3)Section 144CSection 2Section 92B

…tock at cost or net realizable value, whichever is lower, for the purposes of the Act has been accepted as a recognized method of accounting of inventories: • K. Mohammed Adam Sahib v. CIT: 56 ITR 360 (Mad.) • India Motor Parts and Accessories (P) Ltd v. CIT: 60 ITR 531 (Mad.) • CIT v. Dalmia Cement (Bharat) Ltd: 215 ITR 441 (Del.) • CIT v Indo-Commercial Bank Ltd.: 44 ITR 22 (Del.) • CIT vs. Bharat Commerce & Industries Limited : 240 ITR 256 (Del HC) • IAC v. Consolidated Pneumatic Tool Co. (India) Ltd.: 14 ITD 564 (Bom.) • Wipro Limited vs. DCIT: 96 TTJ 211(Bang.) • Samsung Electronics India Ltd. vs. JCIT (ITA…

BSES RAJDHANI POWER LTD.,NEW DELHI vs. ACIT, NEW DELHI

The appeal is partly allowed

ITA 3688/DEL/2011[2005-06]Status: DisposedITAT Delhi05 Oct 2015AY 2005-06

Bench: Shri I.C. Sudhir & Shri Inturi Rama Rao Assessment Year : 2005-06 Bses Rajdhani Power Ltd., Vs. Assistant Cit, Bses Bhawan, Nehru Place, Circle-3(1), New Delhi. New Delhi. (Pan: Aagcs3187H) (Appellant) (Respondent) Assessment Year: 2005-06 Deputy Cit, Vs. Bses Rajdhani Power Ltd., Circle 3(1), Bses Bhavan, Nehru Place, New Delhi. New Delhi. (Pan: Aagcs3187H) (Appellant) (Respondent) Assessment Year : 2006-07 Bses Rajdhani Power Ltd., Vs. Assistant Cit, Bses Bhawan, Nehru Place, Circle-3(1), New Delhi. New Delhi. (Pan: Aagcs3187H) (Appellant) (Respondent) Assessment Year: 2006-07 Deputy Cit, Vs. Bses Rajdhani Power Ltd., Circle 3(1), Bses Bhavan, Nehru Place, New Delhi. New Delhi. (Pan: Aagcs3187H) (Appellant) (Respondent)

Section 154

…new method of valuation on permanent basis thereafter. 19.13 To the same effect are the following decisions: − Forest Industries Travancore Ltd. Vs CIT: 51 ITR 329 (Ker) − CIT Vs. Mopeds India Limited: 173 ITR 347 (AP) − CIT vs. Dalmia Cement (Bharat) Ltd.: 215 ITR 441 (Del.) − CIT vs. Modi Rubber Limited: 230 ITR 820 (Del.) − CIT Vs. Delta Plantation Ltd: 71 Taxman 329 (Cal) 19.14 It was further submitted that while making the aforesaid addition of Rs.5.02 crores, the assessing officer failed to appreciate that the entire exercise is revenue neutral, in view of the fact of change in valuation of closing stoc…

CIT vs. HUGHES COMMUNICATION INDIA LTD

ITA/383/2012HC Delhi07 Mar 2013

Bench: HON'BLE MR. JUSTICE BADAR DURREZ AHMED,HON'BLE MR. JUSTICE R.V.EASWAR

For Appellant: Mr Sanjeev Sabharwal, Sr. Standing CounselFor Respondent: Mr Ajay Vohra with Ms Kavita Jha, Advocates
Section 260A

…here is also no finding to the effect that the true profits of the business cannot be determined having regard to the method of valuation of stock employed by the assessee. It may be noted that in India Motor Parts & Accessories Pvt. Ltd. vs. CIT : (1966) 60 ITR 531 the Madras ITA 383/2012 & 385/2012 Page 7 of 7 High Court noted that the method of valuing the slow moving and obsolescent stock at a price below the cost was a recognised method in other countries and can be properly followed in India too. 8. In view of the foregoing discussion we do not think that any substantial ques…