Case Law Details
Case Name : Petro Araldite (P.) Ltd. Vs Deputy Commissioner of Income-tax (ITAT Mumbai)
Related Assessment Year : 2008-09
Courts :
All ITAT ITAT Mumbai
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ITAT MUMBAI BENCH ‘K’
Petro Araldite (P.) Ltd.
versus
Deputy Commissioner of Income-tax
Income Tax Appeal No. 6217 (Mum.) of 2012
[A. Y. 2008-09]
Date of Pronouncement – 18.01.2013
ORDER
R.S. Syal, Accountant Member
This appeal by the assessee arises out of the order passed by the AO under section 143(3) w.r.s. 144C(13) of the Income Tax Act, 1961 (the Act) on 21/8/2012 in relation to the A.Y. 2008-09.
2. First issue raised in this appeal through grounds No. 1,2,3,6 and 7 is against the inclusion and exclusion of certain cases in the final list of co...
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As per generally accepted principle of accounting, inventory has to be valued at Cost and Market price whichever is less. Can it be taken that this decision has to be followed irrespective of the present principle of valuing inventory at cost or market price is less?