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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. Whether excise duty is excluded form value closing stock - while disturbing the value of the closing stock the assessing authority could not change the method of...

  4. 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

  5. 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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  9. 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...

  10. Addition on stock difference or understatement of sundry debtors - assessee has over stated the values by inflating the unit rates to increase the value of closing stock...

 

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