Voltamp Transformers Ltd. v. CIT

217 CTR 254High Court2008#23661 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 353,911 Indian tax judgments — from 2017 to 2018.

Judgments citing Voltamp Transformers Ltd. v. CIT

Patel Alloy Steel Pvt.Ltd., Ahmedabad vs. The Dy.CIT, Circle-3(1)(1), Ahmedabad

Appeal is allowed

ITA 3158/AHD/2015[2012-13]Status: DisposedITAT Ahmedabad11 Jan 2018AY 2012-13

For Appellant: Shri Bandish Soparkar, A.RFor Respondent: Shri Mudit Nagpal, Sr. D.R

Section 143(3)Section 14ASection 14A(2)Section 40Section 40ASection 40A(2)Section 40A(2)(a)

…lowed by the appellant. The policy of valuation of closing stock is consistently being followed by the appellant in the previous years as well as in the succeeding years. The Hon'ble Gujarat High Court in the case of Voltamp Transformers Ltd. v/s. CIT (2008) ,217 CTR 254 has held that A.O. has got very limited powers to change valuation of closing stock. The A.O. cannot change method of accounting regularly followed by the assessee without valid reasons. The Hon'ble Supreme Court in the case of Chainrup Sampatram (1953) 24 ITR 481 has also clearly held that profits do not arise out of valuation of closing stock a…

The ACIT, Circle-5, Ahmedabad vs. Prima Automation (I) Pvt.Ltd., Ahmedabad

In the result, Cross Objection No

ITA 1717/AHD/2012[2009-10]Status: DisposedITAT Ahmedabad23 Nov 2017AY 2009-10

Bench: Shri Kul Bharat & Shri Pradip Kumar Kediasl.

For Appellant: Shri G.C. Pipara, ARFor Respondent: Shri V.K. Singh, Sr.DR

Section 145A

…wed by the appellant. The policy of valuation of closing stock consistently followed by the appellant in the previous years as well as in the succeeding years. The Hon'ble Gujarat High Court in the case of Voltamp Transformers Ltd. v/s. CIT (2008) reported on 217 CTR 254 has held that A.O. has got very limited powers to change valuation of closing stock. The A.O. cannot change method of accounting regularly followed by the assessee without valid reasons. (3) Hon'ble Supreme Court in the case of Chainrup Sampatram (1953) reported on 24 ITR 481 has clearly held that profits does not arise out of valuation of closin…

Alfa Transformers Ltd., Bhubaneswar vs. ACIT, Circle-2(1), Bhubaneswar

In the result, appeal filed by the assessee is allowed

ITA 35/CTK/2017[2006-07]Status: DisposedITAT Cuttack26 Apr 2017AY 2006-07

Bench: S/Shri N.S Saini & Kuldip Singhassessment Year :2006-07

For Appellant: Shri Prajna Raj Mohanty, ARFor Respondent: Shri A.Tigga, DR

Section 143(3)Section 145Section 145A

…IN THE INCOME TAX APPELLATE TRIBUNAL, CUTTACK BENCH, CUTTACK BEFORE S/SHRI N.S SAINI, ACCOUNTANT MEMBER AND KULDIP SINGH JUDICIAL MEMBER Assessment Year :2006-07 Vs. Alfa Transformers Ltd., Plot ACIT, Circle 2(1), No.3337, Mancheswar Bhubaneswar. Industrial Estate, Bhubaneswar. PAN/GIR No. AAACD 7880 L (Appellant) .. ( Respondent) Assessee by : Shri Prajna Raj Mohanty, AR Revenue by : Shri A.Tigga, DR Date of Hearing : 24/04/ 2017 Date of Pronouncement : 26 /04/ 2017 O R D E R Per N.S.Saini, AM This is an appeal filed by the assessee against the order of CIT(A)- 1, Bhubaneswar, dated 31.10.2016, for the as…