Case Law Details
Case Name : Commissioner of Income Tax-VII Vs Punjab Stainless Steel Industries (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
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CA Sandeep Kanoi
So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account or may be deducted from the amount spent by the manufacturing unit on the raw material, which is steel in the case of the respondent-assessee, as the respondent-assessee is using stainless steel as raw material, from which utensils are manufactured. The raw material, which is not capable of being used for manufacturing utensils will have to be either sold as scrap or m
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