Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2002 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2002 (9) TMI 25 - HC - Income TaxChange iin valuation method - "(i) Whether, the assessee was barred by any provision of the law from changing its stock-in-trade valuation method from the cost basis, which was followed for the assessment year 1994-95, being the year of commencement of business, to the method of cost or market value, whichever is lower? - (ii) Whether, an assessee is permitted in law to change its method of stock valuation to benefit itself in the matter of incidence of tax, provided such change is made honestly, and a sufficient degree of consistency is disclosed in the matter of change, so as to satisfy the requirements of section 145 of the Income-tax Act, 1961? - (iii) Whether the Tribunal erred in law in finding that the assessee had not satisfied the conditions stipulated in law which permit an assessee to change the stock valuation method in one particular assessment year, the relevant assessment year in this case being 1995-96?" – All questions are answered in favour of assessee
|