TMI Blog2012 (10) TMI 150X X X X Extracts X X X X X X X X Extracts X X X X ..... actory this accounting treatment however has no impact on the profit for the year as decided in CIT Versus Indo Nippon Chemicals Co. Ltd.[2003 (1) TMI 8 - SUPREME COURT] - in favour of assessee. - C.A. No. 6721 Of 2012 With Nos. 6722 Of 2012, 6723 Of 2012, 6724 Of 2012 And 6725 Of 2012 arising out of SLP (C) No. S.L.P. (C) No. 32817 of 2010, 35277 of 2010, 35282 of 2010, 2027 of 2011, 3082 of 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e civil appeal filed by the Department concerns Assessment Year 1995-1996. The judgement of the Bombay High Court in the case of Commissioner of Income-Tax vs. Indo Nippon Chemical Co.Ltd., reported in [2000] 245 ITR 384 (Bom) squarely applies to this case and the same has been affirmed by this Court, which is reported in [2003] 261 ITR 275. The assessee followed the net method of valuation of clo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /- on finished goods held in factory are neither included in expenditure nor valued in such stocks but are accounted for on clearance of goods from factory. This accounting treatment however has no impact on the profit for the year." For the above reasons, the civil appeals filed by the Department are dismissed with no order as to costs. Civil Appeal No.6724/2012 @ S.L.P. (C) No.2027/2011 He ..... X X X X Extracts X X X X X X X X Extracts X X X X
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