Supreme Court of India
Commissioner of Income Tax-gujarat-ii v. Kwality Steel Suppliers Complex
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.
From the headnote
Income Tax Act, 1961 - s. 263 - Revision of orders prejudicial to Revenue - Valuation of closing stock - On facts, firm consisting of two partners - Dissolution of partnership firm owing to death of one of the partner - However, business continued to be carried 011 by the surviving partner - Valuation of the closing stock at cost price, by the assessee in return - Said method accepted by the Assessing Officer - CIT in exercise of his revisional jurisdiction uls.263 directed the AO to value the closing stock at the market price - Tribunal upheld the same, however, the High Court set aside the
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