Case Fact: Whether compulsory deduction made by sugar cooperative societies on account of non-refundable and refundable deposits and other funds are revenue receipts liable to be taxed under the Income Tax Act.
Case Fact: Whether A.O. was justified in invoking section 145 to value closing stock at cost or market price which ever is lower where assessee had adopted the policy of valuing its closing stock at market price only
Expenditure on replacement of manual cone winders by auto cone winders in textile mill – No cost advantage on such replacement and no increase in installed capacity – Expenditure incurred was revenue notwithstanding large amount was spent - A.Y. 2002
Assessee carrying on software export as well as domestic business – Assessee maintained independent and separate books of account for export and domestic sale – Deduction needs to be computed considering only the export business –A.Y. 1993-94
To give effect to section 145A, if there is a change in the closing stock corresponding change in opening stock also to be made
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