Commissioner of Income-tax (Central) Versus Majestic Auto Ltd. - Income Tax - PUNJAB AND HARYANA HIGH COURT - HC - Valuation of stock of spares - Held that - The items may be small in nature, may be numerous but each item which is in stores of the assessee is required to be valued - The assessee cannot be permitted to assert that the stock of spares is not required to be valued in the closing stock - The assessee retains stock of spares for 15 days - The CIT(A) valued the stock not for 30 days b................................... Income Tax - Case Laws
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