Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2007 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2007 (10) TMI 386 - BOMBAY HIGH COURTValuation of stock- Capital or Revenue- Tribunal directing the deletion of addition made on account of the undervaluation of the closing stock by changing the method of accounting of the work-in-progress. Held that- there was a bona fide need for change of method of accounting. - Tribunal directing the deletion of the addition I connection with the issue of bonus share. Held that- the expenditure incurred on the issue of bonus share would be revenue expenditure and consequently would be allowable. Tribunal deleting the disallowance of PF/ESIC made after the due date of payments but within the grace period allowed under the relevant statutes. Held that- the Commissioner (Appeals) had recorded a finding that the entire amount towards the employer’s provident fund contribution and employee state insurance contribution was paid within the grace period provided by the relevant statute and as such that payment could be said to be within the due date. The payment could not be disallowed.
|