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 May 2014 Year 2014 This

In a situation when the unaccounted stock had been taxed u/s ...

Income Tax

May 15, 2014

In a situation when the unaccounted stock had been taxed u/s 69B, on one hand, and on the other hand the sale value of the stock was also taxed – the correct position ought to be that the difference between the two is required to be taxed in the hands of the assessee - AT

View Source

 


 

You may also like:

  1. Excess stock - difference in value of stock assessed by sales authority and income tax authority - return accepted by the Commercial Tax Department is binding on the I.T....

  2. Levy of purchase tax payable - purchase of turmeric - Section 12 (2) of the Tamil Nadu Value Added Tax, 2006 - There was a paradigms shift from TNGST Act, 1959 when...

  3. Bogus sale - allegation of unaccounted sale to the petrol pump owners/other industries - the sale price declared by the assessee was accepted by the sales tax department...

  4. 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...

  5. 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...

  6. Shares converted into stock-in-trade - Valuation adopted for conversion of investments to stock-in-trade, opening stock and closing stock - where an assessee converts...

  7. Recovery of sales tax dues - encumbered property or not - liability of auction purchasers - this is a clear case in which the Sales Tax Department had a charge on the...

  8. Addition on account of excess stock - discrepancies in stock records, unaccounted sales - we are satisfied with the documentary evidence that the alleged stock of cotton...

  9. Unexplained deposits in bank account - Amount deposited in the bank account was out of sale of various items as held by the assessee as stock in trade and since the...

  10. Addition for sale of sarki khalli - as alleged assessee has not having any such stock - Goods were received 10 days prior from 17.2.2010 by Poonam Road Lines. So the...

  11. Obsolete Stores/Stock - the assessee was following mercantile system of accounting and hence, scrap value had to be considered in the present year itself and it could...

  12. Addition u/s 56(2)(vii)(b) - difference in value in respect of the subject properties - there cannot be two different fair market value in respect of the very same...

  13. Computation of profit - sale of asset after conversion from capital asset to stock-in-trade - Apply the provisions of Section 45(2) of the Act and compute the capital...

  14. Interpretation of statute - Levy of VAT - credit note received subsequent to the date of the invoice - Determination of Turnover - Input Tax Credit - Large Bench...

  15. If unaccounted production was taxed and on the other hand, unaccounted purchase are also taxed, then the correct position should have been that the unaccounted...

 

Quick Updates:Latest Updates