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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 ...

Income Tax

July 4, 2015

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

  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. 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

  5. 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

  6. 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...

  7. 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

  8. 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

  9. 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...

  10. 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...

 

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