Pvt. Ltd. SLP (Civil) No. 6665 of 1982, 150 ITR (St.) 77 (SC) (vi) CIT v. Hind Lamps Ltd.

SH TECH PARK DEVELOPERS PVT. LTD.,GURGAON vs. ACIT, CIRCLE-22(2), NEW DELHI

In the result, grounds raised by the assessee are allowed for

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

…395 (All.) (iv) Dr. Ishwari Prasad vs. CIT, 143 ITR 789 (All.) (v) CIT vs. Shriram Associated Bearing Pvt. Ltd. SLP (Civil) No. 6665 of 1982, 150 ITR (St.) 77 (SC) (vi) CIT vs. Hind Lamps Ltd., (1987) Taxation 85(3)-225 (All.) (vii) CIT vs. Mopeds India Ltd., 173 ITR 347 (AP) (viii) CIT vs. Bikaner Trading Co., 180 ITR 286 (Cal.) (ix) CIT vs. Hollungooree Tea Co., 192 ITR 125 (Cal.) (x) CIT vs. Bharat Commerce & Industries Ltd., 240 ITR 256 (Del.) (xi) P. Balakrishnan vs. Tranvancore Cochin Chemicals Ltd. 243 ITR 284 (Ker.) 18.1 In view of the aforesaid facts, it is submitted that in view of the clarification is…

DCIT, NEW DELHI vs. M/S. THE BASTI SUGAR MILLS CO. LTD., DELHI

In the result ground No. 1 of the appeal of the revenue is dismissed

Bench: Shri H.S.Sidhu & Shri Prashant Maharishidcit, The Basti Sugar Mills Co. Ltd, Circle-14(1), 207, Essel House, Vs. New Delhi 10 Asaf Ali Road, Delhi Pan: Aaact0490Q (Appellant) (Respondent)

…adras High Court in case of Coimbatore spinning and weaving company Ltd versus CIT 95 ITR 375, Hon’ble Karnataka High Court in case of Recon machine tools private Ltd versus CIT 286 ITR 637, Hon’ble Andhra Pradesh High Court in case of CIT versus mopeds India 173 ITR 347 and Hon’ble Bombay High Court in case of Molmould Corporation versus CIT 202 ITR 789. 5. The Ld. authorized representative first referred to the para No. 11 of the order of the coordinate bench where from the issue has been restored back to the file of the Ld. CIT appeal. According to him, the matter was restored to the file of the Ld. CIT appeal…

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

The appeal is partly allowed

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)

…be ironed out in the subsequent years due to adoption of 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…

THE COMMISSIONER OF INCOME TAX vs. INDOMAG STEEL TECHNOLOGY LTD.

…essee before the Tribunal that a change in the method of stock valuation , if bona fide, has to be accepted for the purposes of assessment and for its proposition, the assessee relied upon the following judgments:- (i) CIT Vs. Mopeds India Limited [173 ITR 347 (AP)] 2010:DHC:3725-DB (iv) CIT Vs. Mahalakshmi Sugar Mills Co Ltd. [68 Taxman 108 (Del)] (v) CIT Vs. British Paints India Ltd. [188 ITR 44 (SC)] 4. The assessee also pointed out that for all the subsequent orders, the assessee had followed the aforesaid AS-2 and even the Department had accepted this method of accounting adopted by…