https://www.taxtmi.com/caselaws?id=5192 The Supreme Court ruled in favor of M/s. Groz-Beckert Saboo Ltd., determining that the raw materials and semi-finished needles received as gifts from West German collaborators should be considered part of the company's stock at their market value. These assets were not taxable income under the Income Tax Act, 1961, and their value should be deducted from sale proceeds to calculate profits. The Court emphasized the importance of accurately reflecting asset values in business accounts for tax assessment purposes, dismissing the revenue's appeal and directing them to bear the appeal costs. en-us Wed, 22 Nov 1978 00:00:00 +0530 Fri, 21 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5192 The Supreme Court ruled in favor of M/s. Groz-Beckert Saboo Ltd., determining that the raw materials and semi-finished needles received as gifts from West German collaborators should be considered part of the company's stock at their market value. These assets were not taxable income under the Income Tax Act, 1961, and their value should be deducted from sale proceeds to calculate profits. The Court emphasized the importance of accurately reflecting asset values in business accounts for tax assessment purposes, dismissing the revenue's appeal and directing them to bear the appeal costs. Case-Laws Income Tax Wed, 22 Nov 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5192