Case Law Details
Case Name : United Bank of India Vs CIT (Calcutta High Court)
Appeal Number : ITR Nos. 19 of 1999 & 7 of 2000
Date of Judgement/Order : 27/06/2018
Related Assessment Year : 1990-91
Courts :
All High Courts Calcutta High Court
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United Bank of India Vs CIT (Calcutta High Court)
The present accounting principle being followed by the bank is valuation of the closing stock on cost or market value whichever is lower. They want to apply this principle to the stock in trade acquired in the financial year i.e. 1984-85 prior to the assessment year in which the accounti
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