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Income Tax - Highlights / Catch Notes

Home Highlights July 2015 Year 2015 This

Addition made u/s 145A - adjustment of closing stock value with ...


Section 145A Update: Closing Stock Value Now Includes Excise Duty for Accurate Reporting. Partial Compliance Risks Errors.

July 4, 2015

Case Laws     Income Tax     AT

Addition made u/s 145A - adjustment of closing stock value with Excise duty amount - Compliance of provisions of sec. 145A in part only, would give misleading result. - AT

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  2. 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...

  3. 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...

  4. 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...

  5. 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

  6. 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...

  7. The case involves a challenge to the amendment in Section 145A, making it mandatory to adopt FIFO or weighted average cost method for valuing closing and opening stock....

  8. Valuation of closing stock - provisions of section 145A has overriding effect on the provisions of section 145 - the said provisions are applicable not only on closing...

  9. 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

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

  11. Revision u/s 263 - under valuation of closing stock - as a matter of prudence stocks are valued at lower of the cost or the realizable value - increase/decrease in...

  12. Valuation of the closing stock of scrap - AO is not justified in valuing the closing stock of packing materials representing scrap based on the scrap sales made in...

  13. Valuation of closing stock - As the assessee had loaded custom duty and the clearing charges to the P&L account, it was his duty to include the same while valuing the...

  14. 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

  15. Provision for diminution in the value of closing stock – Had it had claimed the net realizable value of closing stock in trading account, the debit of provision for...

 

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