Home Highlights July 2013 Year 2013 This

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1. Mark-to-market loss on account of trading in derivative transactions - While anticipated loss is taken into account while valuation of closing stock, anticipated profit...

2. Addition on account of difference in the closing stock valuation as per section 145A on accounting of non-inclusion of Special Additional Duty (SAD) - It is not...

3. Undervaluation of closing stock - non inclusion of excise duty into computation - addition to the income on the ground of undervaluation of the closing stock was wrong - SC

4. Treatment to Forex loss incurred by the assessee on account of derivative transactions as speculative transactions - When the assessee enters into a hedging transaction...

5. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

6. Revaluation of closing stock routed through profit and loss account - revaluation of Fixed Assets does not lead to any taxable income of an Assessee - HC

7. Loss on account of foreign exchange fluctuation in respect of inventory which is part of closing stock need not be taken into account for computation of closing stock...

8. 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...

9. 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

10. 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...

11. 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...

12. There is neutral effect of writing off the closing stock & WIP on the profitability of the assessee as it has consequential effect. Indeed the profit of the current year...

13. Revisions u/s 263 by CIT - Whether the assessee has claimed VAT input on the deemed import as an expense in the profit and loss account? - This fact, to our...

14. 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...

15. Undervaluation of closing stock - CENVAT benefit was not available to the assessee therefore enhancement in the value of closing stock on account of CENVAT was not warranted - AT