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Income Tax - Highlights / Catch Notes

Home Highlights February 2017 Year 2017 This

Addition u/s 145A - valuation of closing stock - Since CENVAT is ...

Income Tax

February 17, 2017

Addition u/s 145A - valuation of closing stock - Since CENVAT is not available to the assessee then the enhancing the value of semi finished and finished goods in the closing are not warranted. - AT

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  1. 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

  2. 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

  3. Addition on valuation of closing stock - excise duty on closing stock of its finished goods - exclusive VS inclusive method - although the method of valuation of stock...

  4. Disallowance on account of valuation of stock u/s 145A - assessee is following exclusive method of accounting for valuing closing stock wherein unutilised MODVAT/Cenvat...

  5. Reopening of assessment - Applicability of section 145A - valuation of closing stock - Not open for AO to reexamine the entire issue which would be merely on the change of opinion.

  6. 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

  7. Valuation - Method of valuation - non-inclusion of profit marging in the assessable value of semi-finished goods cleared to their other unit - no demand being revenue...

  8. Manufacture - assembling of semi finished Auto Parts - the appellant has rightly availed the CENVAT credit in respect of semi finished bought out components - credit allowed - AT

  9. Adjustment of Excise Duty on purchase, sales and closing stock u/s 145A are required to be made - AT

  10. Valuation of the closing stock of scrap - AO is not justified in valuing the closing stock of packing materials representing scrap based on the scrap sales made in...

 

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