Supreme Court of India
Commissioner of Income Tax, Calcutta v. British Paints India Ltd
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
Accordingly, we set aside the judgment of the High Court and C allow the appeals of the Revenue with costs throughout.
Judgment, page 16
From the headnote
Income Tax Act 1961: Section 145-,--Va/uation of stock-Prin ciple to be followed-Cost or market value-Whichever is lower Assessing officer-Whether entitled to add over head charges. Method of accounting-Consistent practice-To disclose true picture of profits and gains-Assessing Officer-Entitled to and has duty to adopt apporpriate computation to determine true income. The respondent-assessee a limited liability company engaged in the business of manufacture and· sale of paints, had a consistent practice to value its goods in process and finished products exclusively at cost of raw materials…
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