Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights August 2015 Year 2015 This

Once the stock register has been held to be properly maintained ...


Court Rules Properly Maintained Stock Register Bars Trading Additions; Minor Discrepancies Insufficient for Account Rejection.

August 28, 2015

Case Laws     Income Tax     HC

Once the stock register has been held to be properly maintained and has been held to be proper, no trading addition could have been made and rightly so, even otherwise, minor discrepancies cannot result into rejection of books of accounts. - HC

View Source

 


 

You may also like:

  1. Banks are required to maintain a Statutory Liquidity Ratio (SLR) by purchasing government securities. RBI guidelines categorize securities as Held-to-Maturity (HTM),...

  2. Additions of surrendered amount as excess stock during the survey proceedings - During assessment proceedings production of stock register was insisted upon, though the...

  3. Addition towards incorrect accounting of stock - maintaining stock for others - while accepting that the assessee is maintaining the stock of material on behalf of...

  4. Long Term Capital Gains - claim of conversion of agriculture land into stock-in-trade - The assessee was required to disclose such lands as stock in trade in books of...

  5. Assessee showed higher wastage of 13.04% on consumption of worsted yarn compared to 8.66% in previous year. AO made addition for excessive shortage and scrap value of...

  6. Shares converted into stock-in-trade - Valuation adopted for conversion of investments to stock-in-trade, opening stock and closing stock - where an assessee converts...

  7. Rejection of books of account u/s 145(3) - non maintenance of stock register was not sufficient for exercising the power of rejecting the books of the assessee. - It is...

  8. Assessee's petition dismissed. HC held seizure of jewelry stock u/s 132A valid. Itemized stock register not furnished by assessee to authorities' satisfaction. Net...

  9. Provision of section 145(3) invoked without satisfying conditions - books of accounts rejected without following proper procedure u/s 144. Gross profit addition made...

  10. Unexplained deposits in bank account - Amount deposited in the bank account was out of sale of various items as held by the assessee as stock in trade and since the...

  11. Excess stock found during survey triggered initiation of proceedings against petitioner. Court held if excess stock found, proceedings u/ss 73/74 of GST Act should be...

  12. Addition on account of inflation of purchases - suppliers were not maintaining the stock register and their books of accounts were rejected at the time of assessment...

  13. The Income Tax Act did not intend to tax deemed rental income from properties held as stock-in-trade prior to the assessment year 2018-19. Section 23(5), introduced from...

  14. Naming / Tagging of demat accounts maintained by Stock Brokers - all demat accounts maintained by stock brokers should be appropriately tagged - Circular

  15. Records maintained by a registered Central Excise Manufacturer / Dealer - Article

 

Quick Updates:Latest Updates