ASHOK APPARELS P. LTD.,MUMBAI vs. D.C.I.T. CEN. CIR.47, MUMBAI
In the result, grounds No
ITA 7303/MUM/2012[2009-10]Status: DisposedITAT Mumbai29 Jul 2016AY 2009-10
Bench: Shri Amit Shukla & Shri Ashwani Taneja
For Respondent: Shri B Pruseth &
Section 143(3)Section 14A
…hould be applied, whether on the date of conversion or the date of purchase as stock in trade. Both the above issues have been deliberated by various courts over the years. The guiding principle has been laid out by the cases of Sir Kikabhai Premchand v. CIT (24 ITR 256) (SC) & CIT v. Dhanuka & Sons (124 ITR 24) (Cal), where it has been stated that even if the stock in trade to be valued at cost at for the purpose of calculation of cost of acquisition of capital asset. Relying on the Another leading case on the point is Keshavaji Karsondas Vs. CIT (207 ITR 737) where it was categorically held that what is relevan…