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 May 2016 Year 2016 This

It is true that assessee has been unable to give any explanation ...

Income Tax

May 17, 2016

It is true that assessee has been unable to give any explanation that why earmarked slow moving items do not have any scrap value but this cannot be a basis for which penalty u/s 271(1)(c) can be imposed - AT

View Source

 


 

You may also like:

  1. Diminution in value of inventory - in the case of slow moving items which did not have a ready market, it was permissible for the assessee to adopt a lower value - AT

  2. Disallowance of provision for slow moving obsolete stock - if the provision is accounted in accordance with the statutory requirements and the method of accounting has...

  3. Disallowance of losses claimed on account of slow moving stocks - valuation - merely for the reason that few parties did not appear before the AO, there is no reason to...

  4. Rejection of books u/s 145 - Addition on account of alleged under-invoicing of sales made - There is no evidence or explanation as to why it has sold the items less than...

  5. Simply because the authorities who are expected to enforce the law are unable to enforce effectively, it does not mean that the statutory provision must be given a go bye - HC

  6. Benefit of proportionate Cenvat credit is available to textile items, specified items, clarification given in Circular 845/03/2006-CX still hold good.

  7. Exemption from GST - Supply of biscuits, soaps etc. earmarked ‘FOR PDS SUPPLY ONLY’ to fair price shops/PDS distributors - Supply of goods through PDS is not exempted

  8. Rate of GST on Multimodal transportation of goods, services - Explanation 2 inserted to item no. 9(vi)

  9. Validity of initiation of reassessment proceedings - provision made for slow/non-moving inventory - when the assessee is paying tax at the same rate as in the year under...

  10. ALP - Selection of comparables - PLI (Profit Level Indicator) – proper weightage has to be given for all these extra-ordinary items explained by the assessee before the TPO - AT

 

Quick Updates:Latest Updates