Home Highlights October 2018 Year 2018 This

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1. 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...

2. Valuation of closing stock of land - change in method of valuation - land under litigation/encroachment - cannot be valued at the cost or prevailing market price, rather...

3. Whether excise duty is excluded form value closing stock - while disturbing the value of the closing stock the assessing authority could not change the method of...

4. 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...

5. Diminution of value and depreciation of closing stock - if the market value of the closing stock is more than the cost, as profit cannot be brought to tax on notional...

6. 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...

7. 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...

8. 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...

9. 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...

10. Disallowance on account of valuation of stock u/s 145A - assessee is following exclusive method of accounting for valuing closing stock wherein unutilised MODVAT/Cenvat...

11. 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...

12. Valuation of stock – change of method of accounting - By shifting to a new ERP package, for example, SAP 2 worked out the value of the stock at cost, any reduction in...

13. Evaluation of closing stock - at Cost price or market price - conversion of partnership firm into a private limited company - closing stock of the erstwhile firm cannot...

14. Valuation of the closing stock - method of valuing the slow moving and obsolescent stock at a price below the cost was a recognized method in other countries and can be...

15. Method of accounting - Change in method valuation of closing stock – if there is a bona fide change in the method of accounting which is consistently followed, no...