Home Highlights November 2013 Year 2013 This

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1. Method of accounting – the assessee had right to adopt the changed system of accounting and by changing the system of accounting from mercantile to cash was a bona fide change - AT

2. Addition u/s 43B - Method of accounting - unpaid statutory dues of service tax, Excise and PF by changing the method of accounting - The assessee followed the exclusive...

3. Registration granted U/s 12AA withdrawn - change of accounting policy - A change in the method of accounting should not be rejected for reasons that it would result in...

4. Addition on account of difference in valuation of securiti - Reduction in profit due to change in valuation method of stock cannot be a reason to reject the claim of...

5. Change in method of revenue recognition - Non recognizing income by changing the method - There is no valid explanation for claiming expenses related to the CAS services...

6. Method of accounting - mercantile system of accounting for one project and cash basis for another project - The assessee cannot choose to follow mercantile system for...

7. Difference in method of accounting adopted - EMI method to account the finance charges for the income tax purposes and SOD Method to arrive at balance sheet and profit...

8. Recognized system of accounting - maintain its accounts according to AS-7 or AS-9 - the system of accounting followed by it for the last many years as per AS-9 -...

9. Rejection of Books of accounts - Method of accounting - Percentage completion method or project completion method - recognition/identification of income under the 1961...

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

11. Losses incurred by the assessee from F & O operations - Speculation loss or business loss - Loss incurred on account of derivatives would be deemed business loss under...

12. Valuation of shares at a premium u/s 56(2)(viib) - Keeping in view that DCF is correct method of determining the FMV of the unquoted shares, the assessee has option to...

13. Disallowance of mark to market losses - Nature of loss - allowable business loss or not? - The assessee is consistently following the method of accounting. Therefore,...

14. 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...

15. MAT - AO had committed an error in redrawing the profit and loss account by making changes by adding depreciation debited to profit and loss account by the assessee,...