Supreme Court · 1953 INSC 64 · Decided 9 October 1953
Sir Kikabhai Premchand v. Commissioner of Income Tax (Central), BOMBAY.
- Court
- Supreme Court of India
- Citation
- 1953 INSC 64 · [1954] 1 S.C.R. 219
- Case number
- CIVIL APPEAL No. 144/1952
- Decided
- 9 October 1953
- Bench
- M. PATANJALI SASTRI, SUDHI RANJAN DAS, VIVIAN BOSE, GHULAM HASAN, NATWARLAL HARILAL BHAGWATI (5-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
COURT REPORTS 219 SIR KIKABHAI PREMCHAND v. COMMISSIONER OF INCOME TAX (CENTRAL), BOMBAY. PATANJALI SASTRI C.J., s. R. DAS, VIVIAN BOSE, GHULAM HASAN and BHAGWATI JJ. Indian Income-tax Act (XI of 1922), s. 13-Ascertainment of 2)rofits-Assessee adopting mercantile system rind valuin(J stock at on business in bullion and shares kept accounts in the mercantile system and the method adopted by him for ascertaining his profits was to value stock at the beginning and close of each year at cost price. In the accounting year he withdrew some silver bars and shares from the business and
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