MAX FINANCIAL SERVICE LIMITED ,NAWANSHAHR vs. PRINCIPAL COMMISSIONER OF INCOME TAX -1, JALANDHAR

In the result, the appeal of the assessee is therefore partly allowed

X (PV). Rule 11U defines Valuation date as “the date on which the property or the consideration, as the case may be, is received by the assessee”. It also defines balance sheet as the audited balance sheet on the valuation date. The Income Tax Rules, 54 A.Y.2015-16 1962 does not provides for method of valuation in the assessee where

M/S G G OILS & FATS PVT.LTD ,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX, BATHINDA

In the result, the assessee’s appeal is dismissed