Supreme Court · 2017 INSC 1273 · Decided 21 March 2017
Commissioner of Income Tax-Gujarat-Ii v. Kwality Steel Suppliers Complex
- Court
- Supreme Court of India
- Citation
- 2017 INSC 1273 · [2017] 3 S.C.R. 1022
- Case number
- CIVIL APPEAL No. 815/2007
- Decided
- 21 March 2017
- Bench
- A.K. SIKRI, ASHOK BHUSHAN (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 263
Headnote
Income Tax Act, 1961 - s. 263 - Revision of orders prejudicial to Revenue - Valuation of closing stock - On facts, firm consisting C of two partners - Dissolution of partnership firm owing to death of one of the partner - However, business continued to be carried 011 by the surviving partner closing stock at cost price, by the assessee in return - Said method accepted by the Assessing Officer - CIT in exercise of his revisional jurisdiction uls.263 directed the AO to value the closing stock at the market D price - Tribunal upheld the same, however, the High Court set aside the order
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