How many judgments cite Investment Ltd. v. CIT?

85 judgments on BharatTax cite Investment Ltd. v. CIT (77 ITR 533), spanning 2015 to 2026.

Which sections of the Income Tax Act does Investment Ltd. v. CIT come up under?

It is most often cited in judgments turning on Section 14A, Section 143(3), Section 37(1), Section 43B, Section 131, Section 132(4).

Investment Ltd. v. CIT

77 ITR 533Supreme Court of India1970#1348 most cited

What is Investment Ltd. v. CIT authority for?

The principle of valuing closing stock at cost or market value, whichever is lower, is a recognized and acceptable method of accounting.

judgments rely on this decision, according to BharatTax’s citation analysis of 366,418 Indian tax judgments — from 2015 to 2026.

Also referred to as

Investment Ltd. v. CIT · 77 ITR 533 · Section 145 · closing stock valuation · stock valuation method · cost or market value lower · recognized accounting practice · acceptable method of valuation · accounting policy · business income

Also reported as

2011 SCC OnLine DEL 4855

Sections most often in play

Section 14A Section 143(3)Section 37(1)Section 43B Section 131 Section 132(4)Section 142(1)Section 145

Issues it is cited on

section 3a section 120(4)(b)section 4a section 36(1)(v)section 10(20)section 61 section 46 section 269ua section 40a(7)section 2(47)(v)section 14a disallowance section 145(1)

Judgments citing Investment Ltd. v. CIT

Ge Capital Services India, New Delhi vs. DCIT, New Delhi

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

ITA 514/DEL/2011[2002-03]Status: DisposedITAT Delhi27 Jul 2016AY 2002-03

Bench: Shri G. D. Agrawal, Hon’Ble & Smt. Beena A. Pillai

For Appellant: Shri Tushar Jarwal, AdvFor Respondent: Shri T Vasanthan, Sr. DR

Section 143(1)Section 143(3)

…s of the assessee, therefore any loss on account of sale of capital asset cannot be claimed as a deduction in the profit and loss account of the assessee. The assessee has relied upon the decision of Hon'ble Supreme Court in the case of Investment Ltd Vs CIT -77 ITR 533 wherein it was held that nomenclature of a particular item does not decide it's nature. A tax payer is free to employ for the purpose of his trade his own method of keeping accounts. In that case the assessee involved was a dealer of shares. Applying the same logic the loss claimed on stock in Trade cannot be treated as a revenue loss because the…

ACIT, Meerut vs. M/S. Mastermind Publication (India) P. Ltd., Meerut

In the result, appeal of the revenue is dismissed

ITA 6641/DEL/2014[2010-11]Status: DisposedITAT Delhi15 Mar 2016AY 2010-11

Bench: Shri I.C. Sudhir & Shri Prashant Maharishi

For Appellant: Sh. Bharat Bhushan Garg, Sr. DRFor Respondent: Sh. O.P. Supara, Sr. Adv

Section 145(3)

…ITR 182), the Honorable Supreme Court held that the choice of method of accounting lies wife the assessee and the assessee should only show that he had followed the method regularly. Similar is the observation of the Apex Court in the case of Investment Ltd (77 ITR 533) that a method of accounting adopted by a trader consistently and regularly cannot be discarded by the Department authority on the view that he should have adopted a different method of keeping account or of valuation. In the case under consideration, the AO has neither doubted the correctness or completeness of the accounts nor has concluded that…

Inventurus Knowledge Services P.Ltd, Navi Mumbai vs. ITO 5(2)(1), Mumbai

In the result appeal of the assessee company is partly allowed

ITA 5922/MUM/2013[2009-10]Status: DisposedITAT Mumbai21 Oct 2015AY 2009-10

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: - 2009-10 Inventurus Knowledge Services V. Income Tax Officer Pvt. Ltd. 5(2)(1), C/O. Seren Properties Pvt. Ltd. 525, Aaykar Bhavan, (Sez), Unit No. 204, Build No. 5, M.K. Road, Mindspace Airoli Camp, Plot No. Mumbai - 400 020. 3, Gat No. 95, Kalwa Trans, Thane Creek, Midc Industrial Area, Thane Belapur Road, Airoli, Navi Mumbai – 400 708. Pan/Gir No. Aabck4601P

…d out that the assessment has been completed u/s.143(3) and, thus, it is clear that the assessee's books of account have not been rejected. Ld counsel for the assessee referred to the decision of the Hon'ble Supreme Court in the case of Investment Ltd v. CIT, 77 ITR 533 (SC), wherein, it has been held at pages 537 to 538 that the method of accounting consistently and regularly followed by the assessee cannot be discarded by the departmental authorities on the view that he should have adopted a different method of keeping account or of valuation. The method of accounting regularly employed may be discarded only if…

Ge Capital Transportation Financial Sevices Ltd vs. DCIT, Circle-12(1)

Appeal is allowed

ITA 2190/DEL/2006[2001-2002]Status: DisposedITAT Delhi23 Sept 2015AY 2001-2002

Bench: Shri N. K. Saini & Smt Suchitra Kamblei.T.A .No.-2190/Del/2006 (Assessment Year-2001-02)

…h includes Rs.18,95,714/- as investment loss and raised as loss on securities and other investment shown as stock-in- trade in the books of the assessee. The assessee has relied upon the decision of Hon’ble Supreme Court in the case of Investment Ltd. Vs. CIT 77 ITR 533, it has been observed in the profit and loss account of the assessee for this year and the last so many years that no purchase of shares has been done. The ITA No. 2069/Del/06 Assessing Officer further held that loss which has arisen is on account of shares and that on the government securities held for a very long time by treating part of it as…

DCIT, Circle-12(1) vs. G.E. Capital Transportation Financial Services Ltd

Appeal is allowed

ITA 2069/DEL/2006[2001-2002]Status: DisposedITAT Delhi23 Sept 2015AY 2001-2002

Bench: Shri N. K. Saini & Smt Suchitra Kamblei.T.A .No.-2190/Del/2006 (Assessment Year-2001-02)