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Income Tax - Highlights / Catch Notes

Home Highlights April 2017 Year 2017 This

Addition on account of difference in the closing stock valuation ...

Income Tax

April 10, 2017

Addition on account of difference in the closing stock valuation as per section 145A on accounting of non-inclusion of Special Additional Duty (SAD) - It is not appropriate to include the figure of SAD only in the figure of closing stock without modifying the figures of purchases, sales and opening stock. - 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. 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

  3. 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.

  4. 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...

  5. 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...

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

  7. Difference in value of stock as per stock statement submitted to bank and stocks as per books - additions deleted - HC

  8. Inclusion of Excise Duty in valuation of closing stock - AO was right in adding the excise duty in the valuation of the closing stock - HC

  9. Addition on account of excess stock - difference in stock statement submitted with bank and as per books of accounts - No additions

  10. Valuation of closing stock – Addition of proportionate transport charges – adjustment sought to be made is revenue neutral and at best may result in preponement or...

 

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