Register Daily Newsletters My Bookmarks My Queries (D. Forum) My Replies (D. Forum) My Articles My Inbox (PM) Feedback/ Suggestions
Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding

   For Sales / Support:
WhatsApp WhatsApp 9911796707
Case Laws Acts Notifications Circulars Classification Forms Manuals Articles News D. Forum Highlights Notes
TMI - e-Newsletter     TaxTMI    Gold and Silver Import Regulations Updated: 13...     TaxTMI    Government Clarifies Tax Treatment for Co-Insurance...     TaxTMI    Procedural Flaws Invalidate GST Tax Order, Restore...     TaxTMI    GST Registration Cancellation Upheld: Failure to...     TaxTMI    Contractual Delay Penalties Upheld: Liquidated...     TaxTMI    Tax Liability After Death: Section 93 Requires...     TaxTMI    Late Fee Clarification for GSTR-9C: Mandatory...     TaxTMI    Tax Officials Arrested for Alleged Bribery and...     TaxTMI    Govt Amends PMLA to Empower Indian Cyber Crime...     TaxTMI    Tax Exemption for Mysore Palace Board Under Section...     TaxTMI    Travelers Can Carry Limited Agarwood Products...     TaxTMI    Interim Relief Granted: Tax Notifications...     TaxTMI    Legal Proceedings Against Deceased Person...     TaxTMI    Legal Challenge Succeeds: GST Seizure Invalidated...     TaxTMI    Ex Parte Tax Assessment Invalidated: Procedural...     TaxTMI    Latest Case-Laws     TaxTMI    Latest Notifications + Circulars     TaxTMI    GST Council Decisions     TaxTMI       Right Stop
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Value determined by the City Civil court considered by the AO as ...


City Civil Court's Valuation Accepted by AO as Closing Work in Progress for Tax Assessment.

April 12, 2016

Case Laws     Income Tax     AT

Value determined by the City Civil court considered by the AO as the closing WIP acceptable - AT

View Source

 

← Previous Next →

 

You may also like:

  1. Unexplained reduction in closing work in progress - As there was a difference on account of change in following of accounting standard from AS 7 to AS 9 in the valuation...

  2. Addition based on statement recorded during the course of survey action u/s. 133A - AO proceeded with making of addition based on the mere statement given by the...

  3. Disallowance of prior period interest expenses - As assessee had included the same in the closing work-in-progress in AY 2012-13. Hence this is a clear case of omission...

  4. Excess work in progress detected during survey was accepted by assessee as income u/s 69B, taxable at 30%. Assessee claimed such income as part of closing stock to be...

  5. Validity of reopening of assessment u/s 147 - AO has not even made minimum exercise for ascertaining the unsecured loans accepted during the year, under consideration...

  6. The Assessing Officer (AO) reopened the assessment solely based on the information from a survey conducted by the Sales Tax Department, without independently examining...

  7. Disallowance of interest expenses u/s. 36(1)(iii) - disallowance of financial cost attributable to capital work in progress and project work in progress - In case, the...

  8. Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

  9. Input Tax Credit - input services - the applicant is engaged in development of port based smart city i.e. Smart Industrial Port City (SIPC) within...

  10. Valuation of closing stock - the action of the AO of changing the method of valuation of closing stock without pointing out any reason for the rejection of valuation of...

  11. Addition on account of valuation of stock - AO has no power to scrutinize the return submitted by the assessee to the commercial tax department which has been accepted....

  12. Withdrawing the excess tax credit for advance tax and self-assessment tax - Rectification u/s 154 - The assessee has to furnish details of different payments of tax by...

  13. Correct head of income - interest received from partners - Department having accepted the treatment of the assessee in reducing interest from partners from...

  14. Excess stock - difference in value of stock assessed by sales authority and income tax authority - return accepted by the Commercial Tax Department is binding on the I.T....

  15. Disallowance of project expenses - Addition on the ground as no project-wise accounting was available and no work-in-progress was reported - As the assessee is engaged...

 

Quick Updates:Latest Updates

What's New:
    Latest Case Laws
What's New:
    Latest Notifications
What's New:
    Latest Circulars
F: Electronic Commerce Operators Must Calculate TCS on Net Taxable Value ...
F: Incorrect Export Sales Reporting: Taxpayers Must Amend GSTR-1, Match S...
H: SEBI Revamps Cybersecurity Framework with New Classification Criteria ...
H: New CBIC Transhipment Air Global Bond Allows Nationwide Registration f...
H: Government Revokes Import Duty Exemptions Under Section 25(1) of Custo...
H: Customs Notifications Updated: Finance Act 2025 Revises Tariff Codes f...
H: New Income Tax Rules 2025 Simplify Return Filing for Individuals and H...
T: Foreign Investors Get Tax Relief: Simplified 10% Rate for Interest, Di...
H: GST Notifications on COVID-19 Deadline Extensions Challenged, Provisio...
A: GST Appeals: Key Filing Guidelines for Taxpayers Navigating Tribunal P...
A: LLP Corrects Annual Return Filing Errors: Identify, Revise, Submit, an...
A: Comprehensive Guide: Protecting Intellectual Property Rights Through S...
A: Navigating India's Trademark Registration: 7 Essential Steps from Sear...
A: Legal Shield for Regional Products: Geographical Indication Protects U...
A: Inventors Gain Exclusive Rights: Patent Protection Ensures Innovation ...
A: Customs Act Empowers Businesses to Strategically Re-Export Goods with ...
A: Importers and Exporters: Navigate Customs Duty Refunds Under Section 2...
A: Imported Goods Can Stay in Approved Warehouses for Two Years, Subject ...
A: Government Controls Trade Flow: Notified vs. Specified Goods Define Im...
H: Tax Order Quashed: Procedural Flaws Invalidate Original Decision, Mand...
H: GST Recovery Order Invalidated Due to Violation of Natural Justice Pri...
H: Creditors Cannot Raise New Claims After NCLT Resolution Plan Approval,...
H: Tax Fraud Case: Anticipatory Bail Denied Due to Systematic Invoice Man...
H: Property Dispute Resolution: Income Tax Act Sections 269-UN and 293 Do...
H: Reassessment Notice Invalidated: Statutory Time Limit Breach Renders T...
H: Property Title Clearance Costs Deemed Integral to Asset Transfer Under...
H: Cash Deposits During Demonetization: Systematic Accounting Records Shi...
H: Cash Donation to Charitable Organization Validated Under Section 80G, ...
A: GST Appellate Tribunal Setup: Comprehensive Framework for Composition,...
A: Navigating 80G(5) Registration: Critical Compliance Steps for Non-Prof...