2025 (12) TMI 426

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....AL, J. (ORAL) 1. As common issues are involved in the captioned petitions, with the consent of both sides, the same are hereby disposed of by this common order. For the sake of brevity and convenience, facts are borrowed from ITR-62-1995 (RA No.882/DEL/1993). 2. The petitioner-M/s Smithkline Beecham Consumer Health Care Ltd. (for short 'assessee') is engaged in the business of manufacture of consumer products. The assessee is selling its products inside as well as outside India. It filed Income Tax Return for the Assessment Year 1982-83 onwards. The Assessing Officer (for short 'AO') selected returns of the assessee and framed assessment under Section 143 (3) of Income Tax Act 1961 (for short, "1961 Act"). The AO disallowed few expens....

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.... Kline & French (India) Ltd. Vs. CIT' 219 ITR 581. 2. Supreme Court in 'CIT Vs. Hero Cycle Ltd.' 228 ITR 463 (SC) has remanded the matter back to Tribunal with respect to weighted deduction under Section 35B on commission paid to Indian agents. 3. With respect to valuation of closing stock, he submitted that assessee w.e.f. assessment year 1982-83 adopted method of direct/variable cost method. The Revenue is claiming that assessee should continue to adopt total cost method as adopted prior to 1982-83. The Tribunal has partially decided in favour of Revenue. The Tribunal has held that assessee was free to adopt direct cost or total cost method, however, has ordered to include few indirect costs in the value of closing stock....

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....neither written nor oral request for adjournment shall be entertained. 12. Photocopy of this order be placed on the file of other connected case(s)." 5. Learned counsel for Income Tax Department submits that she does not dispute afore-stated factual and legal position. The Revenue has no objection to method of valuation as applied/approved by Tribunal. She further submits that question of weighted deduction on commission paid to agent in India may be remanded to AO to ascertain factual position and thereafter decide as per judgments of Hon'ble Supreme Court as well as mandate of Section 35B. 6. In the wake of aforestated factual and legal position as well as statement of both sides, question of surtax paid by assessee and inc....