Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (9) TMI 11 - HC - Income TaxValuation of Electron Guns and Electron Gun Heaters and calculation of Miscellaneous income - Revenue contested against the Tribunal's valuation - Held that:- The order of the Tribunal is not very satisfactory, particularly on the questions as to whether the method of valuation of stocks and as contended by the assessee can be the proper way, as the assessee has adopted the method of valuing some part of its stock on market value and some part of its stock on cost of a production which is not a choice given to the assessee, but the choice being to value the stock as a whole, either on market value basis or at the cost of production. Quantification of the profits eligible for benefit under section 80HHC - Held that:- On looking calculation sheet of tax effect on disputed amount to maintain judicial decorum and judicial propriety and more so because the revenue is already in appeal before the Supreme Court for the resolution of this very question, we do not propose to decide these appeals on merits, but dismiss them only due to the insignificant tax effect involved in these appeals but subject to the result of the appeals before the Supreme Court, preferred by the revenue on the question of maintainability of such appeals.
|