Home Highlights May 2014 Year 2014 This

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1. Addition on valuation of closing stock - excise duty on closing stock of its finished goods - exclusive VS inclusive method - although the method of valuation of stock...

2. Revision u/s 263 - valuation of closing stock, non increasing of closing stock by proportionate other direct expenses - The alleged under valuation of closing stock is a...

3. Under valuation of closing stock of rice - improper maintenance of stock register by the assessee-firm - the method of valuation was adopted by the Ld. AO in closing...

4. Addition made on account of undervaluation of closing stock - cost of job work charges have not been included - thus the closing stock of the assessee company is suppressed - AT

5. Valuation of closing stock - gold and jewellery - AO cannot change the method which was not recognized method as per the prescribed standards for valuation of closing...

6. Valuation of closing stock - the action of the AO of changing the method of valuation of closing stock without pointing out any reason for the rejection of valuation of...

7. Inclusion of Excise Duty in valuation of closing stock - AO was right in adding the excise duty in the valuation of the closing stock - HC

8. Valuation of Closing Stock - adjustment of excise duty and VAT - addition - assessee contended aforesaid inclusion to be revenue-neutral - Decided in favor of assessee - AT

9. Valuation of closing stock - There is no any purchase by the assessee during the year, and the sale made by the assessee is out of opening stock only. In the closing...

10. Valuation of closing stock - method of valuation - no addition could be made towards value of stock because the closing stock cannot be construed as a source of profit...

11. Excess stock found during the search - A.O. has not held that there was any difference in quantity of stock as per valuation report and as per hooks of accounts. There...

12. Difference in stock valuation - valuation of the closing stock - LIFO or FIFO method - It is an admitted case that the assessee has been continuously adopting the LIFO...

13. Undervaluation of stock - it is a revenue neutral issue because whatever addition is being made in the closing stock, it will be opening stock in the next year. If the...

14. Revision u/s 263 - under valuation of closing stock - as a matter of prudence stocks are valued at lower of the cost or the realizable value - increase/decrease in...

15. Allowability of excise duty u/s 43B r.w. section 145A - valuation of closing stock - MODVAT credit cannot be reduced from the value of opening or closing stock - HC