M/S. ICI INDIA LIMITED,KOLKATA vs. DCIT, CIRCLE - 10, KOLKATA, KOLKATA

In the result, Revenue’s appeal is partly allowed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

prices offered for such land in the open market for sale; b) “Transfer of interest” and any covenants; and c) the maximum ‘development potential’ of the land from the buyers point of view He further stated that the valuation report of the registered Valuer, Sri De very lucidly and succinctly brings out due to consideration given for the above factors

ACIT, CIRCLE - 10, KOLKATA, KOLKATA vs. M/S. ICI INDIA LTD., KOLKATA

In the result, Revenue’s appeal is partly allowed

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

prices offered for such land in the open market for sale; b) “Transfer of interest” and any covenants; and c) the maximum ‘development potential’ of the land from the buyers point of view He further stated that the valuation report of the registered Valuer, Sri De very lucidly and succinctly brings out due to consideration given for the above factors

CHANDRA BROS.,KOLKATA vs. I.T.O., WARD - 37(1), KOLKATA, KOLKATA

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Sri Pradip Kumar Choubey & Sri Rakesh Mishra

transfer whatsoever, no real income from such revaluation could arise. The incorporation of such change in the valuation of stock alone would cause the regular GP, as a corollary thereof, to multiply by more than times, i.e., from 15% to 66% and such increased profit has originated not from any usual sale transactions but from putting more value

D.C.I.T CIR - 1,KOLKATA, KOLKATA vs. M/S M/S EXIDE INDUSTRIES LIMITED, KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: : Shri Mahavir Singh & Shri M. Balaganesh

section 145A in the Income Tax Act, 1961 had accounted for the excise duty element in valuation of closing stock of finished goods. There are two types of closing stock of finished goods: (a) goods which are dispatched to branches/godoums/warehouses [referred to as DEPOT STOCK] and (b) lying in factory. premises not dispatched [referred to as FACTORY STOCK]. ) However

SEEMA SUREKA,KOLKATA vs. DCIT, CENTRAL CIRCLE - 3(3), KOLKATA

Appeal of the assessee is partly allowed

transfer under clause (via) or clause (vic) or clause (vich) or clause (vid) or clause (vii) of\nsection 47.\n\nExplanation.—For the purposes of this clause, “fair market value” of a property, being shares of a\ncompany not being a company in which the public are substantially interested, shall have the\nmeaning assigned to it in the Explanation