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Income Tax - Highlights / Catch Notes

Home Highlights January 2014 Year 2014 This

Whether excise duty is excluded form value closing stock - while ...

Income Tax

January 18, 2014

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 accounting regularly employed - HC

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  1. 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

  2. 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

  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. Confirmation of notional addition – Excise duty added in the value of the closing stock of finished goods – a liability cannot be converted into an asset - AT

  5. 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...

  6. 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

  7. Double deduction of expenses towards excise duty – effect of increase of closing stock was neutralised by debiting to the P & L account - matter remanded back for...

  8. Valuation of closing stock - unutilized credit of CENVAT account was adjusted against the excise duty payable in respect of sales made – the question of applicability of...

  9. Adjustment of Excise Duty on purchase, sales and closing stock u/s 145A are required to be made - AT

  10. 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

 

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