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Income Tax - Highlights / Catch Notes

Home Highlights April 2018 Year 2018 This

Addition on account of difference in valuation of stock - Merely ...

Income Tax

April 16, 2018

Addition on account of difference in valuation of stock - Merely non maintenance of stock register by the assessee cannot result into addition unless the AO shows with conclusive evidence that quantitative details submitted by the assessee is incorrect. - AT

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  1. 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...

  2. Under valuation of closing stock of rice - improper maintenance of stock register by the assessee-firm - the method of valuation was adopted by the Ld. AO in closing...

  3. Rejection of books of account u/s 145(3) - non maintenance of stock register was not sufficient for exercising the power of rejecting the books of the assessee. - It is...

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

  5. Excess stock found during the search - A.O. has not held that there was any difference in quantity of stock as per valuation report and as per hooks of accounts. There...

  6. Addition of valuation of closing stock – The method of accounting cannot be substituted by the AO merely because it is unsatisfactory. - AT

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

  8. 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

  9. Addition on account of balance-sheet difference - difference crept out of the balance-sheet item does not result as understatement of income.- AT

  10. 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

 

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