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Income Tax - Highlights / Catch Notes

Home Highlights December 2017 Year 2017 This

Difference and discrepancy in the stock - inflated statement of ...

Income Tax

December 1, 2017

Difference and discrepancy in the stock - inflated statement of stock with the bankers - there is no discrepancy in the stock statements as appearing from the physical verification and that apparent from the books of account emerged - no additions - HC

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  1. Difference of stock - amount of closing stock differ in the books and as per the statement given to the bankers - unaccounted fabrication work - additions confirmed - HC

  2. Addition u/s 69B on account of difference in stock statement given to the Bank - the stock statement tally with the stock statement submitted to the bank at the end of...

  3. Excess stock found during the course of survey - unexplained investments u/s 69 r.w.s.115BBE - The ITAT concluded that the addition made by the AO was not justified....

  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. Addition on stock difference or understatement of sundry debtors - assessee has over stated the values by inflating the unit rates to increase the value of closing stock...

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

  7. Valuation of stock – discrepancy between stock statements filed in Bank and stock shown in books of accounts - The assessee's income is to be assessed not on the basis...

  8. 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...

  9. Undisclosed closing stock - difference in the value of stock shown to the bank and as declared to the income tax department - no addition for the difference in stock as...

  10. Addition u/s 69/115BBE - unexplained money on the basis of difference in stock statement submitted to the lender bank - When no defect is found with the accounts of the...

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

  12. Difference in stock submitted to bank and income tax department -addition based on stock statement submitted to Bank is not sustainable - AT

  13. 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...

  14. Retraction of statement given during survey - evidentiary value of statement recorded u/s 131 - Despite the retraction, the initial findings of the CIT(A) were largely...

  15. Addition on the basis of inflated stock statement submitted to bank - Addition under Section 69B - additions not permissible - HC

 

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