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Judgment Search Results Home > Cases Phrase: rationale Court: income tax appellate tribunal itat pune Year: 1999 Page 1 of about 2 results (0.079 seconds)

Sep 27 1999 (TRI)

Golani Bros. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Decided on : Sep-27-1999

1. these cross appeals were heard together and are being disposed of by the common order for the sake of convenience.2. the brief facts giving rise to these appeals are these. the assessee is a partnership concern carrying on the business as civil contractors for the last 30 years. it has been constructing buildings mostly on behalf of the government and of semi-government organisations according to the specifications provided by the contractees. since its beginning, it is being assessed to income-tax.3. in addition to the above, the assessee also obtained a contract from jalgaon municipal committee (hereinafter called jmc) to construct a high-rise building at jalgaon on the land provided by jmc. the relevant details relating to such contract are hereby stated : 4. jmc, jalgaon had awarded the job of development of v.v. market, with high-rise administrative building at jalgaon, to the appellant, vide an agreement dated 18-10-1988, which has been amended from time to time by supplementary agreements. (in all seven supplementary agreements). the project was in respect of the development of a plot of land ad-measuring about 5 acres, by constructing on it a shopping complex, vegetable market and a high-rise administrative building of 17 storeys, as per the drawings and designs to be supplied by the jmc through their architect, kabre choudari, nasik. the aforesaid vegetable market, shopping complex and high-rise administrative block are not separate buildings but all of them are .....

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Sep 22 1999 (TRI)

Finolex Pipes Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Decided on : Sep-22-1999

1. this appeal by the assessee is directed against the order of the cit(a)-i, pune. the assessee is a public limited company and derives income mainly from manufacture and sale of rigid p.v.c. pipes.2. the first grievance of the assessee is that the authorities below are not justified both on facts as well as in law in taxing a sum of rs. 5,29,700 under the caption 'difference in closing stock due to change in method'. during the year under appeal, the assessee-company changed the method of valuation of closing stock from total cost method to direct cost method. earlier, the closing stock was being valued by taking into account the entire cost including the selling and administrative cost. for the year ended 31st march, 1989 while valuing the inventory selling and administration costs were excluded. note no.12 of sch. 18 of the audit report reads as follows : "12. the company has, "during this period, valued the closing stock of finished goods on a more scientific basis by eliminating selling and administration overheads hitherto included. as a result, the value of closing stock and consequently profit is lower by rs. 8,51,815." 3. the ao rejected the new method and made the impugned addition of rs. 5,29,700 observing as under : the assessee during the previous year has changed its accounting method of valuing closing stock. this has resulted in profits being lower by rs. 5,29,700. the assessee was therefore, asked why this difference should not be brought to tax. the .....

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