Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights November 2013 Year 2013 This

Difference in value of stock – Books of accounts prepared in ...

Income Tax

November 23, 2013

Difference in value of stock – Books of accounts prepared in regular course of business have got presumption of truth whereas no such presumption is available to stock statement furnished to the bank for purpose of availing credit facilities - HC

View Source

 


 

You may also like:

  1. Addition u/s 69B r.w.s.115BBE - during the course of survey action discrepancies were found on account of physical verification of stock vis-a-vis regular books of...

  2. Addition on account of undervaluation of closing stock - difference in the stock statement given by the assessee to State Bank of India and as recorded in the books of...

  3. Rejection of turnover appearing in the books of accounts - It is already well-settled that in the absence of any definite adverse material accounts kept in regular...

  4. Addition on account of excess stock - difference in stock statement submitted with bank and as per books of accounts - No additions

  5. Books of account maintained by assessee in regular course of business have to be treated as authentic unless there are strong evidence brought on record to show that...

  6. Unexplained cash credit u/s 68 r.w.s 115BBE - inflated sales pursuant to demonetization - Unaccounted Stock Due to Valuation Differences - The Tribunal held that the...

  7. Rejection of books of accounts - difference in the opening stock as well as the closing stock - the assessee has shown excess opening stock - The AO did not care to...

  8. Difference in value of stock as per stock statement submitted to bank and stocks as per books - additions deleted - HC

  9. Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

  10. Unexplained cash deposits - Deposits in regular bank account of the assessee, during demonetization period - the assessee was maintaining complete stock tally, the sales...

  11. Estimation of net profit - Rejection of books of accounts - Just because that the assessee is having 5 bank accounts and not shown in the regular books cannot be the...

  12. Stock difference - when there is a difference in the value of stock shown in the statement given to the bank and the books of account of the assessee, the assessee is...

  13. Treatment to income surrendered during survey on account of excess stock - business income or unexplained stock u/s 69B r.w.s.115BBE - the value of article/stock of the...

  14. Addition on account of variation in the value of closing stock between the value declared in the accounts and the value declared to the Bank - The assessee demonstrated...

  15. In the case of shortage of stock a valid presumptions would be that the stock has been sold outside the books of accounts - the only addition that can be made is that of...

 

Quick Updates:Latest Updates