Supreme Court · 2005 INSC 588 · Decided 24 November 2005
M/S. Sanjeev Woolen Mills v. Commissioner of Income Tax, Mumbai
- Court
- Supreme Court of India
- Citation
- 2005 INSC 588 · [2005] SUPP. 5 S.C.R. 459
- Case number
- CIVIL APPEAL No. 6735/2003
- Decided
- 24 November 2005
- Bench
- AR. LAKSHMANAN, P.P. NAOLEKAR (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 145
Headnote
WOOLEN MILLS v. COMMISSIONER OF INCOME TAX, MUMBAI NOVEMBER 24, 2005 [DR. AR. LAKSHMANAN AND P.P. NAOLEKAR, JJ.J Income tax Act, 1961-Section 145-Assessee adopted the method of valuation of closing stock of finished goods at market price-Indian Rupee A B was devalued against U.S. Dollar in a Revenue rejected the method of accounting adopted by the assessee on the ground that income could not be properly deduced-Commissioner (Appeals) dismissed the appeal but the order was set aside by Appellate Tribunal­ High Court allowed the appeal of the Revenue-Correctness of-Held, D
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