Commissioner Of Income Tax vs Groz-Beckert Saboo Ltd.
Whether the value of raw materials and semi-finished needles received free of cost from collaborators as a gift, when introduced into business as stock-in-trade, constitutes deductible business expenditure in computing taxable profit from sale of finished products --- Held Yes. The market value at the date of conversion into stock-in-trade represents the cost to the business and is deductible.
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