Supreme Court · 1990 INSC 386 · Decided 13 December 1990
Commissioner of Income Tax, Calcutta v. British Paints India LTD
- Court
- Supreme Court of India
- Citation
- 1990 INSC 386 · [1990] SUPP. 3 S.C.R. 525
- Case number
- CIVIL APPEAL No. 1918/1976
- Decided
- 13 December 1990
- Bench
- T.K. THOMMEN, M.M. PUNCHHI (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 145
Headnote
B Income Tax Act 1961: Section 145-,--Va/uation of stock-Prin­ ciple to be followed-Cost or market value-Whichever is lower­ Assessing officer-Whether entitled to add over head charges. Method of accounting-Consistent practice-To disclose true picture of profits and gains-Assessing The respondent-assessee a limited liability company engaged in the business of manufacture and· sale of paints, had a consistent practice to value its goods in process and finished products exclusively at cost of D raw materials and totally excluding overhead expenditure. The
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