Law:

Section:

2007] 295 ITR 45 [2008] 170 TAXMAN 615 (SC) SUPREME COURT OF INDIA Commissioner of Income-tax v. Alfa Laval (India) Ltd.* S.H. KAPADIA AND B. SUDERSHAN REDDY, JJ. CIVIL APPEAL NO. 4592 OF 2004 NOVEMBER 1, 2007 Section 143 of the Income-tax Act, 1961 - Assessment - Additions to income - Assessment year 1989-90 - Assessee-company had written off an amount on account of obsolete items, which were not moving for last three years - Assessee valued closing stock of obsolete items at 10 per cent of cost - Assessing Officer, however, holding that assessee failed to furnish list of obsolete items, added back certain amount by taking realizable value of obsolete items at 50 per cent of cost - Tribunal also confirmed view taken by Assessing Officer - It was found from records that assessee had placed auditor's report before Assessing Officer, which justified valuation of obsolete items at 10 per cent of cost - Such obsolete items were, in fact, sold in subsequent year at a price less than 10 per cent of cost - Moreover, Assessing Officer had also not doubted correctness of auditor's report regarding valuation of obsolete items - High Court held that it could not be concluded that assessee failed to furnish list of obsolete items or had made valuation arbitrarily and, therefore, addition made by Assessing Officer was without any basis and was liable to be set aside - Whether, on facts, order of High Court was to be upheld -…

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