Supreme Court · 1999 INSC 449 · Decided 29 September 1999
United Commercial Bank, Calcutta v. Commissioner of Income Tax, West Bengal-Iii CALCUTTA.
- Court
- Supreme Court of India
- Citation
- 1999 INSC 449 · [1999] SUPP. 3 S.C.R. 254
- Case number
- CIVIL APPEAL No. 11888/1995
- Decided
- 29 September 1999
- Bench
- D.P. WADHWA, M.B. SHAH (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 145
Headnote
Income Tax Act, 1961-S.145-Stock-in-trade (investments}-Valua­ tion of-Nationalised Bank-Valuing its stock-in-trade at cost in balance sheet C and valuing the same at cost or market value whichever was lower for the purposes of Income Tax-Method followed consistently for thirty years and ting tax return claiming notional loss on account of valuation of closing stock of securities at market value-Permissibility of-Held, closing stock can be D valued at cost or market value whichever was lower--Method adopted by a tax payer consistently cannot be discarded by the
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