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Income Tax - Highlights / Catch Notes

Home Highlights October 2015 Year 2015 This

Addition on account of suppression of the value of stock - ...

Income Tax

October 15, 2015

Addition on account of suppression of the value of stock - assessee company has been consistently following the accounting practice of valuing the rejected railways sleepers as nil and accounted for on realization basis and the department has accepted this method - No addition - AT

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  5. Additions made u/s 69B - excess stock found during survey - assessee contended that as per the books during the course of survey was without the opening stock - no merit...

  6. 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

  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

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  10. 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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