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Income Tax - Highlights / Catch Notes

Home Highlights December 2017 Year 2017 This

Difference and discrepancy in the stock - inflated statement of ...

Income Tax

December 1, 2017

Difference and discrepancy in the stock - inflated statement of stock with the bankers - there is no discrepancy in the stock statements as appearing from the physical verification and that apparent from the books of account emerged - no additions - HC

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  1. 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

  2. Addition u/s 69B on account of difference in stock statement given to the Bank - the stock statement tally with the stock statement submitted to the bank at the end of...

  3. Addition on the basis of inflated stock statement submitted to bank - Addition under Section 69B - additions not permissible - HC

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

  5. Addition on account of difference in stock found during survey u/s 132 - As the discrepancy could not be reconciled and satisfactorily explained by assessee, addition upheld - AT

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

  7. Difference in stock submitted to bank and income tax department -addition based on stock statement submitted to Bank is not sustainable - AT

  8. Unexplained cash credit u/s 68 r.w.s 115BBE - inflated sales pursuant to demonetization - Unaccounted Stock Due to Valuation Differences - The Tribunal held that the...

  9. Tribunal was right in law in deleting the addition made on account of difference in stock statement as furnished before the bank as compared to shown in books of account - HC

  10. Excess stock found during the course of survey - unexplained investments u/s 69 r.w.s.115BBE - The ITAT concluded that the addition made by the AO was not justified....

 

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