What is Sanjeev Woolen Mills v. CIT authority for?

The assessee must consistently follow one method of accounting and cannot arbitrarily change it, particularly in contravention of Section 145 of the Income Tax Act. This principle prohibits changes in accounting methods that are not in conformity with the law.

How many judgments cite Sanjeev Woolen Mills v. CIT?

75 judgments on BharatTax cite Sanjeev Woolen Mills v. CIT (279 ITR 434), spanning 2012 to 2026.

Which sections of the Income Tax Act does Sanjeev Woolen Mills v. CIT come up under?

It is most often cited in judgments turning on Section 143(3), Section 142(1), Section 36(1)(viia), Section 115JB, Section 131, Section 132.

Sanjeev Woolen Mills v. CIT (279 ITR 434)

ASST CIT 2(2)(1), MUMBAI vs. STATE BANK OF INDIA, MUMBAI

In the result appeal filed by the assessee as well as revenue stands partly allowed for statistical purposes

ITA 3882/MUM/2017[2010-11]Status: DisposedITAT Mumbai21 Apr 2026AY 2010-11

Bench: Smt. Beena Pillai () & Shri Jagadish ()

Section 14ASection 36(1)Section 36(1)(vii)Section 36(1)(viia)Section 43B

…is lower. But on no principle can one justify the valuation of the closing stock at a market value higher than cost as that will result in the taxation of notional profits the assessee has not 26stoppel. [para 28]” 65. In Sanjeev Woollen Mills vs. CIT [2005] 279 ITR 434 (SC), the Supreme Court was concerned with a case where the assessee had valued its finished goods at market value. For assessment year 1992-93, the opening stock was valued at Rs.90 per kg (market price as on 1.4.1991 was Rs.98 per kg) and the closing stock at Rs. 130 per kg. For assessment year 1993- 94, the opening stock was valued at Rs.130 p…

STATE BANK OF INDIA,MUMBAI vs. ASST CIT CIR 2(2), MUMBAI

In the result appeal filed by the assessee as well as revenue stands partly allowed for statistical purposes

ITA 3680/MUM/2017[2010-11]Status: DisposedITAT Mumbai21 Apr 2026AY 2010-11

Bench: Smt. Beena Pillai () & Shri Jagadish ()

Section 14ASection 36(1)Section 36(1)(vii)Section 36(1)(viia)Section 43B

…is lower. But on no principle can one justify the valuation of the closing stock at a market value higher than cost as that will result in the taxation of notional profits the assessee has not 26stoppel. [para 28]” 65. In Sanjeev Woollen Mills vs. CIT [2005] 279 ITR 434 (SC), the Supreme Court was concerned with a case where the assessee had valued its finished goods at market value. For assessment year 1992-93, the opening stock was valued at Rs.90 per kg (market price as on 1.4.1991 was Rs.98 per kg) and the closing stock at Rs. 130 per kg. For assessment year 1993- 94, the opening stock was valued at Rs.130 p…

ASSISTANT COMMISSIONER OF INCOME TAX, NEW DELHI vs. LURGI INDIA INTERNATIONAL SERVICES PRIVATE LIMITED, NEW DELHI

In the result, the appeal of Revenue is dismissed as above

ITA 5826/DEL/2024[2018-19]Status: DisposedITAT Delhi26 Nov 2025AY 2018-19

Bench: allowing carry forward of losses.”

Section 142(1)Section 37Section 79

…allowed under income tax provisions. 2. Whether on the facts and circumstances of the case, the Ld. CIT(A) erred in deleting the disallowance of Rs. 2,89, 12,346/- in view of the order of Hon'ble Supreme Court in the case of M/s Sanjeeve Woolen mills vs CIT (279 ITR 434) and the decision of Hon'ble ITAT in the case of M/s Bechtel India (P.) Ltd. Vs ACIT, ITAT Delhi, [2017] 82 taxmann.com 301 (Delhi - Trib.)/[2017] 165 ITD 282. 3. Whether on the facts and in the circumstances of the case, the Id. CIT(A) has erred in allowing the carried forward losses of the assessee for A.Y. 2014-15 & 2015-16 ignoring the fact t…