ITO v. Sree Padmanabha Jewellery Mart

19 ITD 816Income Tax Appellate Tribunal1986#13700 most cited
7

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2018.

Judgments citing ITO v. Sree Padmanabha Jewellery Mart

M/S THE KESHAB JEWELLERS,KOLKATA vs. JCIT, R-50, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

ITA 1225/KOL/2016[2011-2012]Status: DisposedITAT Kolkata01 Aug 2018AY 2011-2012

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 1225/Kol/2016 Assessment Year : 2011-12 M/S The Keshab Jewellers -Vs- Jcit, Range-50, Kolkata [Pan: Aabft 5144 R ] (Appellant) (Respondent)

For Appellant: Shri Manoj Kr. Tiwari, FCAFor Respondent: Shri Sallong Yaden, Addl. CIT, Sr. DR
Section 143(3)

…ntry have also accepted the LIFO method. The Delhi Bench of the Tribunal in the case of Jain Abhushan Bhandar v. ITO (1987) 29 TTJ(Del) 75 and the Cochin Bench of the Tribunal in the case of ITO vs. Sree Padmanabha Jewellery Mart (1987) 28 TTJ (Coch)15 (1987) 19 ITD 816 (Coch) have accepted the LIFO method in the past. Even recently, the Ahmedabad Bench of the Tribunal in the case of Dy. CIT v. M/s Harjivandas J. Zaveri (supra) to which one of us (A.M.) was a party, has approved the LIFO method. Therefore, it is wrong to say that LIFO method is incorrect method." 7.2 We find that the ld CITA had deleted the addit…

ITO, WD-9(3), KOLKATA, KOLKATA vs. M/S ROOPSHREE JEWELLERS PVT. LTD., KOLKATA

In the result, both the appeals of the assessee as well as the revenue are partly allowed for statistical purposes

ITA 828/KOL/2015[2010-2011]Status: DisposedITAT Kolkata17 Apr 2018AY 2010-2011

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 442/Kol/2015 Assessment Year : 2010-11 M/S Roopshree Jewellers (P) Ltd. -Vs- Ito, Ward-9(3), Kolkata [Pan: Aabcr 2241 N] (Appellant) (Respondent) I.T.A No. 828/Kol/2015 Assessment Year : 2010-11 Ito, Ward-9(3), Kolkata -Vs- M/S Roopshree Jewellers (P) Ltd. [Pan: Aabcr 2241 N] (Appellant) (Respondent)

For Appellant: Shri S.M. Surana, AdvocateFor Respondent: Shri P.K. Srihari, CIT
Section 142(1)Section 143(3)Section 145A

…ntry have also accepted the LIFO method. The Delhi Bench of the Tribunal in the case of Jain Abhushan Bhandar vs .ITO (1987) 29 TTJ(Del) 75 and the Cochin Bench of the Tribunal in the case of ITO vs. Sree Padmanabha Jewellery Mart (1987) 28 TTJ (Coch)15"1987) 19 ITD 816 (Coch) have accepted the LIFO method in the past. Even recently, the Ahmadabad Bench of the Tribunal in the case of Dy. CIT vs. M/s Harjivandas J. Zaveri (supra) to which one of us (A.M.) was a party, has approved the LIFO method. Therefore, it is wrong to say that LIFO method is incorrect method.” 7.2. We find that the ld CITA had deleted the ad…

M/S ROOPSHREE JEWELLERS (P) LTD.,KOLKATA vs. ITO, WD-9(3), KOLKATA, KOLKATA

In the result, both the appeals of the assessee as well as the revenue are partly allowed for statistical purposes

ITA 442/KOL/2015[2010-2011]Status: DisposedITAT Kolkata17 Apr 2018AY 2010-2011

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 442/Kol/2015 Assessment Year : 2010-11 M/S Roopshree Jewellers (P) Ltd. -Vs- Ito, Ward-9(3), Kolkata [Pan: Aabcr 2241 N] (Appellant) (Respondent) I.T.A No. 828/Kol/2015 Assessment Year : 2010-11 Ito, Ward-9(3), Kolkata -Vs- M/S Roopshree Jewellers (P) Ltd. [Pan: Aabcr 2241 N] (Appellant) (Respondent)

For Appellant: Shri S.M. Surana, AdvocateFor Respondent: Shri P.K. Srihari, CIT
Section 142(1)Section 143(3)Section 145A

…ntry have also accepted the LIFO method. The Delhi Bench of the Tribunal in the case of Jain Abhushan Bhandar vs .ITO (1987) 29 TTJ(Del) 75 and the Cochin Bench of the Tribunal in the case of ITO vs. Sree Padmanabha Jewellery Mart (1987) 28 TTJ (Coch)15"1987) 19 ITD 816 (Coch) have accepted the LIFO method in the past. Even recently, the Ahmadabad Bench of the Tribunal in the case of Dy. CIT vs. M/s Harjivandas J. Zaveri (supra) to which one of us (A.M.) was a party, has approved the LIFO method. Therefore, it is wrong to say that LIFO method is incorrect method.” 7.2. We find that the ld CITA had deleted the ad…

ACIT, CIRCLE-43, KOLKATA, KOLKATA vs. M/S. JEWEL INDIA JEWELLERS, KOLKATA

In the result, the appeal filed by the Revenue is dismissed

ITA 202/KOL/2015[2011-2012]Status: DisposedITAT Kolkata04 Oct 2016AY 2011-2012

Bench: Shri P.M.Jagtap & Shri S.S.Viswanethra Ravi

Section 142(1)Section 143(2)

…r of the Learned CITA. Accordingly the grounds raised by the revenue are dismissed. 15. The Coordinate while dealing with the issue on hand discussed the decision of Cochin Tribunal in the case of jeweller in ITO vs Sree Padmanabha Jewellery Mart reported in 19 ITD 816 as relied by the Assessee wherein it approved the LIFO method. The Coordinate bench also discussed the decision of the Chandigarh Tribunal in the case of DCIT vs Vipin Aggarwal in ITA No. 450/Chd/2010 dated 23.7.2010 which found no merit in not adopting the method of valuation of stock being consistently followed by the assessee which is being acc…

M/S D.K.BASAK JEWELLERS PVT. LTD.,KOLKATA vs. DCIT. CIR. 12, KOLKATA

In the result, the appeal of the assessee in ITA No

ITA 51/KOL/2013[2009-10]Status: DisposedITAT Kolkata20 Jul 2016AY 2009-10

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

For Appellant: S/Shri S. L. Kochar & Anil Kochar, AdvocatesFor Respondent: Shri Rajat Kumar Kureel, JCIT, Sr. DR
Section 133ASection 143(3)

…ed on a routine application of the principle of cost or market price, whichever is lower. We also find that the Cochin Tribunal had an occasion to consider this aspect of valuation of jewellery in the case of ITO vs Sree Padmanabha Jewellery Mart reported in 19 ITD 816 which is directly on the point involved in this appeal. In the said case, it was held that :- The manner of valuation of closing stock by the assessee is as under:- “The quantity of stock left at the end of any years is first ascertained by reference to the detailed books of accounts maintained by the appellant- firm. From out of this, the quantit…

D.C.I.T CIR - 12,KOLKATA., KOLKATA vs. M/S D.K..BASAK JEWELLERS PVT LTD., KOLKATA

In the result, the appeal of the assessee in ITA No

ITA 379/KOL/2013[2009-10]Status: DisposedITAT Kolkata20 Jul 2016AY 2009-10

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

For Appellant: S/Shri S. L. Kochar & Anil Kochar, AdvocatesFor Respondent: Shri Rajat Kumar Kureel, JCIT, Sr. DR
Section 133ASection 143(3)

…ed on a routine application of the principle of cost or market price, whichever is lower. We also find that the Cochin Tribunal had an occasion to consider this aspect of valuation of jewellery in the case of ITO vs Sree Padmanabha Jewellery Mart reported in 19 ITD 816 which is directly on the point involved in this appeal. In the said case, it was held that :- The manner of valuation of closing stock by the assessee is as under:- “The quantity of stock left at the end of any years is first ascertained by reference to the detailed books of accounts maintained by the appellant- firm. From out of this, the quantit…

A.C.I.T CIR - 43,KOLKATA, KOLKATA vs. M/S JEWELL INDIA JEWELLERS, KOLKATA

In the result, the appeal of the revenue is dismissed

ITA 2085/KOL/2013[2009-10]Status: DisposedITAT Kolkata01 Jun 2016AY 2009-10

Bench: Shri N. V. Vasudevan, Jm & Shri M. Balaganesh, Am]

For Appellant: Shri Alok Kr. Nag, JCIT, Sr. DRFor Respondent: Shri S. M. Surana, Advocate &
Section 143(3)

…s made before the lower authorities and the findings given by the Learned CITA. In addition he placed reliance on the decision of the Cochin Tribunal in the case of ITO vs Sree Padmanabha 7 Jewell India Jewellers AY 2009-10 Jewellery Mart reported in (1986) 19 ITD 816 (Cochin Trib.) in support of his contentions. 7. We have heard the rival submissions and perused the materials available on record. The facts elaborately stated in the arguments advanced by the assessee remain undisputed and hence the same are not reproduced herein for the sake of brevity. The only dispute is with regard to valuation of closing s…

ITO v. Sree Padmanabha Jewellery Mart (19 ITD 816) — Cited in 7 Judgments | BharatTax