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Income Tax - Highlights / Catch Notes

Home Highlights June 2015 Year 2015 This

Addition made on account of undervaluation of closing stock - ...

Income Tax

June 27, 2015

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

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  1. Valuation - Job Work - inclusion of product development charges and consultancy charges - any expense which is not attributable to the job work cannot be included in...

  2. Valuation of closing stock – Addition of proportionate transport charges – adjustment sought to be made is revenue neutral and at best may result in preponement or...

  3. Valuation - Job-work - The valuation of job worked goods computed by the department on the basis of cost of raw material + job work charges is incorrect.

  4. Valuation - Job work - the value of scrap cleared need not be included for discharging the duty liability on the job worked item

  5. Valuation - Job work - fabric + job work charges – alleged that merchant manufacturers suppressed the value of grey fabric, which resulted in short payment of duty by...

  6. 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

  7. Difference of stock - amount of closing stock differ in the books and as per the statement given to the bankers - unaccounted fabrication work - additions confirmed - HC

  8. 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

  9. Addition of valuation of closing stock – The method of accounting cannot be substituted by the AO merely because it is unsatisfactory. - AT

  10. Valuation of closing stock of incentive sugar (free sugar) - One cannot have a stock valuation which converts a capital receipt into revenue income - SC

 

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