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Income Tax - Highlights / Catch Notes

Home Highlights June 2016 Year 2016 This

Addition on account of variation in the value of closing stock ...

Income Tax

June 9, 2016

Addition on account of variation in the value of closing stock between the value declared in the accounts and the value declared to the Bank - The assessee demonstrated with evidence that the closing stock declared in the books of account is correct - No addition - AT

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  3. 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

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  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

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  7. Addition of difference between the value of stocks falsely declared to Canara Bank as at 31-03-2004 and 31-03- 2005 confirmed - Addition of bogus creditors confirmed - AT

  8. Difference of stock - amount of closing stock differ in the books and as per the statement given to the bankers - unaccounted fabrication work - additions confirmed - HC

  9. Provision for diminution in the value of closing stock – Had it had claimed the net realizable value of closing stock in trading account, the debit of provision for...

  10. Undisclosed closing stock - difference in the value of stock shown to the bank and as declared to the income tax department - no addition for the difference in stock as...

 

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