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II. Direct Tax Case laws:
[Contribution by P.C.Yadav, Advocate - Supreme Court of India ]
1. CIT vs. GLOBAL GREEN COMPANY LTD , ITA 464/2013, Date of Order : 10.12.2013, Delhi High Court
Hon’ble
Delhi high court held that if there is decrease in Market value of
assessee’s assets since the same being of perishable nature or for any
other reason become non saleable such as change in customer’s
specifications, change in brand name or difference in quantities etc.
The closing stock has to be valued at market price and not necessarily
at cost price.
Since the
respondent assessee was eligible for deduction under Section 10B of the
Act and, therefore, there was no cause or reason for the assessee to
deliberately write off saleable goods, and as such there could be no
penalty u/s 271(1)(c) in respect of provisioning made by assessee in
respect of non saleable items disallowed by Assessing Officer.
2. V.K. Fiscal services Pvt. Ltd. Vs. DCIT, ITA No. 5460 / Del / 2012, Date of Order: November 2013, ITAT – Delhi.
Where no
money or bullion or jewellery or any other valuable article or thing or
books of accounts or documents belonging to assessee were seized as a
result of search at premises of third party, notice issued u/s 153C of
the Income Tax Act was illegal, invalid and unsustainable.
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