Jewellers Company v. ITO

23 ITD 532Income Tax Appellate Tribunal1987#23779 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 358,232 Indian tax judgments — from 2016 to 2025.

Sections most often in play

Section 127Section 139Section 251Section 106Section 115BBESection 118Section 120Section 122

Judgments citing Jewellers Company v. ITO

DCIT, Jaipur vs. Amrapali Jewels Pvt. Ltd., Jaipur

In the result, the appeal filed by the assessee is partly allowed and

ITA 740/JPR/2024[2021]Status: DisposedITAT Jaipur19 Feb 2025

Bench: Him.

For Appellant: Sh. Sanjay Jhanwar, Sr. AdvFor Respondent: Mrs. Alka Gautam, CIT-DR
Section 143(3)Section 145(3)Section 153DSection 251Section 69B

…cord, and applying the reasonableness approach, it is hereby held that the stock items found during the survey were purchased on the basis of the averaging of the items in terms of first in first out. In the case of Jewellers Co. v. Income-tax Officer [1987] 23 ITD 532 (Allahabad)/[1988] 30 TTJ 54 (Allahabad)[19-05-1987] it has been held by the Hon’ble ITAT that “FIFO assumption approximates more closely to the reality”. Hon’ble ITAT also referred to Kanga and Palkhivala’s” The Law and Practice of Income-tax’, Seventh Edition, Volume 1. An extract of the judgment is as under:- x x x x Secondly, in the averaging…

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)

…in his assessment order and the written submission filed by the A.R. during the appellate proceeding. I find that after the introduction of Sec. 145A in the I. T. Act the A.O finding on the basis of Sec. 145 does not hold good. Similarly, the case reported in 23 ITD 532 relied upon by the A.O. relates to a case of assessment year 1980-81 when there was no section 145A in the I. T. Act. But after the introduction of Sec. 145A the assessee is entitled to make valuation of his closing stock in the way he has been doing it regularly. Here it is important to note that the department has also accepted assessee's valuat…

D.C.I.T Cir - 12, 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)

…in his assessment order and the written submission filed by the A.R. during the appellate proceeding. I find that after the introduction of Sec. 145A in the I. T. Act the A.O finding on the basis of Sec. 145 does not hold good. Similarly, the case reported in 23 ITD 532 relied upon by the A.O. relates to a case of assessment year 1980-81 when there was no section 145A in the I. T. Act. But after the introduction of Sec. 145A the assessee is entitled to make valuation of his closing stock in the way he has been doing it regularly. Here it is important to note that the department has also accepted assessee's valuat…

Jewellers Company v. ITO (23 ITD 532) — Cited in 3 Judgments | BharatTax