COMMISSIONER OF INCOME=TAX versus JANTA COOPERATIVE SUGAR MILLS LTD.
The different methods adopted for pricing all types of Shariah stock stocks, which after disclosure of the sugar return stock increase by the lower value of the stock, are fully engaged in the manufacture of different types of sugar. The reference to the law does not give sufficient reasons for the tribunal to accept the style of valuation, to some extent by the tribunal removing the increase on the basis that the SCCC has followed a regular and accepted method of pricing off-stock for several years. The question about the law arises under the Indian Income Tax Act 1961. 2)
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