Supreme Court of India
Commissioner of Income Tax, Udaipur v. M/s. Hindustan Zinc 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
We are of the view that the IT AT had E erred in deleting the additions made in the assessment.
Judgment, page 8
From the headnote
Jncome Tax Act, 1961; Valuation of closing stock-Exporting of accumulated stock of zinc concentrate by assessee-a. Government Company-Fixing of International Price lower than Weighted Average Cost/domestic price-Additions in income of the assesseefor the accounting year during which such stock accumulated-, Correctness of-Held: In the past c .~sessee has been valuing the commodity in question at net realizable value at the domestic prices-International prices of the commodity were lower than the domestic prices-Under the circumstances, Auditor rightly observed in his report that had the net
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