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Income Tax - Highlights / Catch Notes

Home Highlights August 2014 Year 2014 This

Entitlement to loss on revaluation of the closing stock - a ...

Income Tax

August 29, 2014

Entitlement to loss on revaluation of the closing stock - a claim which is not substantiated by proper documentation cannot be allowed to the assessee - AT

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  2. Loss on revaluation of security - securities maintained as per RBI Guidelines - only 30% treated as stock in trade - 70% treated as long term asset - HC

  3. 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...

  4. Revaluation of stock - non moving stock - deterioration in quality of the ink resulting in erosion of its value - HC

  5. 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

  6. Addition made on account of undervaluation of closing stock - cost of job work charges have not been included - thus the closing stock of the assessee company is suppressed - AT

  7. 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

  8. 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...

  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. 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

 

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