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A. K. JAYASANKARAN NAMBIAR, SYAM KUMAR V. M.
P. A. Jose – Appellant
Versus
union of india – Respondent
JUDGMENT :
Dr. A.K. Jayasankaran Nambiar, J.
These writ appeals arise from the common judgment dated 20.05.2024 of a learned Single Judge in W.P.(C).Nos.30318/2019, 1529/2024, 17949/2020, 17828/2020, 17964/2020, 17972/2020, 28444/2021, 29846/2021, 30448/2021, 30354/2019, 30340/2019, 30373/2019 and 32237/2019. The writ petitioners in the aforesaid writ petitions are the appellants before us.
2. The challenge in the writ petitions was to para 16 of Income Computation and Disclosure Standards [ICDS] II and the Notification 87/2016 dated 29.09.2016 to the extent they prescribed that the cost of inventories shall be computed by using the First In First Out (FIFO) or Weighted Average Cost method, to the exclusion of other methods relating to valuation of inventory, such as the Last In First Out (LIFO) method, while computing income under the head of Profits and Gains of Business or Profession under the Income Tax Act, 1961 [hereinafter referred to as the “I.T. Act”]. It was contended that the said paragraph of ICDS II and the Notification dated 29.09.2016, to the extent impugned, were violative of Articles 14, 19 (1)(g) and 265 of the Constitution of India and hence unconstitutional and leg
The amendments to Section 17(2) of the Income Tax Act, 1961, are constitutional, addressing legislative gaps without infringing on judicial authority or violating Article 14 of the Constitution.
(1) Challenges to tax statutes made under Article 14 of Constitution of India can be on grounds relatable to discrimination as well as grounds relatable to manifest arbitrariness.(2) Third proviso to....
Input Tax Credit (ITC) is a concession/benefit/rebate and the legislature is within its competency to impose certain conditions, including time prescription for availing such right.
The Assessing Officer cannot substitute the valuation method chosen by the assessee under the Income Tax Act, and reopening of assessment based on such substitution is unjustified.
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