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2016 (9) TMI 1047 - HC - Income TaxChange in method of valuation of stock - from “lowest price during the year” to the “weighted average cost” formula - Held that:- So long as the change made by the assessee in his method of accounting is bona fide and amounts to a permanent arrangement to be followed, the Revenue has no cause to complain. The conclusion drawn by the Tribunal that the change in the method of valuation adopted by the assessee, namely, from “lowest price during the year” to the “weighted average cost” formula was not justified, is without any merit. - Decided against the Revenue. Allowance u/s 35B - Held that:- Packing expenses of goods exported did not qualify for an allowance under Section 35B(1)(b) of the Acy. See COMMISSIONER OF INCOME-TAX Versus ZENITH STEEL PIPES AND INDUSTRIES LTD. [2009 (1) TMI 242 - BOMBAY HIGH COURT] - Decided against the assessee.
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