Case Law Details
Case Name : Petro Araldite (P.) Ltd. Vs Deputy Commissioner of Income-tax (ITAT Mumbai)
Appeal Number : Income Tax Appeal No. 6217 (Mum.) of 2012
Date of Judgement/Order : 18/01/2013
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
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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?