https://www.taxtmi.com/caselaws?id=175187 The court held that the assessee-company must value the starch produced by the old industrial undertaking and used as raw material in the new industrial undertaking at market price for computing profits under section 15C of the Income-tax Act. It determined that profits should be computed realistically based on market value of raw materials, emphasizing the need to separate profits for each trading activity. The court referred to precedents and concluded that using market value for inter-departmental transfers ensures accurate reflection of business profits. The assessee was directed to pay the costs of the reference to the Commissioner. en-us Mon, 06 Sep 1965 00:00:00 +0530 Tue, 10 Nov 2015 14:22:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175187 The court held that the assessee-company must value the starch produced by the old industrial undertaking and used as raw material in the new industrial undertaking at market price for computing profits under section 15C of the Income-tax Act. It determined that profits should be computed realistically based on market value of raw materials, emphasizing the need to separate profits for each trading activity. The court referred to precedents and concluded that using market value for inter-departmental transfers ensures accurate reflection of business profits. The assessee was directed to pay the costs of the reference to the Commissioner. Case-Laws Income Tax Mon, 06 Sep 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175187